Digital Product Passport and blockchain: How does it work?
Imagine a world where every product has a “digital passport” that tells its entire story, from production to sale, all the way to disposal. This is the concept of the Digital Product Passport (DPP), a revolution that is redefining the lines of traceability and sustainability, made possible by blockchain technology.
In this article, we will explore what the DPP is, how blockchain enhances its capabilities, and how MyLime is turning this vision into reality.
What is the Digital Product Passport (DPP)?
Definition → The Digital Product Passport is a unique digital archive associated with a physical object. It contains key data about its origin, composition, production processes, usage, and, finally, disposal.
What is its goal? To provide total transparency.
This tool not only helps consumers make informed choices, but also assists companies in complying with environmental regulations and sustainability standards.
The advantages for companies and consumers
For consumers, the DPP is synonymous with trust: knowing where a product comes from, how it was made, and whether it meets ethical standards. For companies, it represents an added advantage in supply chain management, reducing the risk of counterfeiting and enhancing brand reputation.
Just to give an example of the benefits this tool can bring, according to a report from the European Commission, the introduction of the DPP could increase product recycling efficiency by +20%, drastically reducing resource waste.
Want to know more? Read also: 5 advantages of the Digital Product Passport
Blockchain as enabling technology
Traceability and transparency
Blockchain is the beating heart of the Digital Product Passport. Thanks to its decentralized and immutable structure, it ensures that the data in the digital passport is verifiable and reliable. Every piece of information recorded becomes irrefutable proof of the product’s journey.
For example, for a luxury watch, blockchain certifies not only the authenticity of the model but also the details of its maintenance, adding value at every stage of its lifecycle.
DPP integration with the blockchain
How does this integration work? Blockchain acts as a secure ledger where the digital passport data is stored. Every update (such as a change of ownership or a repair) is recorded in real time, creating a complete and accessible history.
Imagine a QR code on a product label: by scanning it, you can access its entire digital passport, supported by blockchain data.
MyLime and the Digital Product Passport
MyLime positions itself as a leader in the application of blockchain technology to the Digital Product Passport. With its advanced infrastructure, the company enables brands to securely register their product data, ensuring authenticity and traceability.
An example? Find it in the case study below.
The case study Colnago
MyLime has partnered with Colnago to integrate a blockchain-based digital passport into its bicycles. This technology will enable the tracking of the production, transport, and sale of the frames, ensuring authenticity, ownership, and traceability of the product. The project will kick off with the bicycle used by Tadej Pogačar at the Road World Cycling Championship. MyLime will record the data on the Automotive Blockchain, providing definitive proof of ownership and offering an NFT version of the bike to the owner.
“We are proud to be the first company in the world to launch a vehicle equipped with an NFT on the market and to create an industrial application of blockchain technology. We are delighted to collaborate with a brand that represents the excellence of Made in Italy, like Colnago. This is not an end goal, but the starting point of a journey that will involve the world of mobility and luxury, enhancing the concept of “ownership experience” and bringing the idea of “hyperluxury” to life.”
Elena Moglia, CEO MyLime
📰 Il Sole 24 Ore: The bike goes to blockchain
🚴♂️ Find out more with our case study on DPP Colnago.
The future of the Digital Product Passport
The widespread adoption of the DPP will undoubtedly enhance sustainability. By reducing waste and improving recycling, the digital passport promotes a more circular economy. Consumers can reward virtuous companies that invest in transparency.
However, there are challenges. Standardizing the DPP globally requires collaboration across different sectors and significant investments. Nonetheless, the benefits far outweigh the costs, opening up new opportunities for innovative companies.
Conclusion
The Digital Product Passport and blockchain represent a winning combination for a more transparent and sustainable future. Thanks to us at MyLime, this vision is becoming a reality, transforming the way we interact with products.
Are you ready to join the revolution?
