Thread by @ScopeDefi

Unlock the power of a truly green and sustainable future with the IOTA Digital Product Passport - the future of product data management
Understanding the Digital Product Passport by #IOTA Foundation

Introducing the Digital Product Passport (DPP)

* A secure, shareable, and accessible digital passport for every consumer product
* The passport contains information about the product's life cycle, including origin, production, delivery, use, end, and recycling

* The data helps reassure consumers of the product's origin and confirms its green credentials
* @iota is working towards implementing the DPP with their distributed ledger technology (DLT)

The importance of the circular economy

* A framework aimed at solving global challenges of climate change
* The drivers of climate change are human activities and socioeconomic factors
* Technology plays a crucial role in providing incentives, imposing regulations, and enforcing compliance

* The circular economy requires data integrity and presentation
*
The role of DPP in the circular economy

* Supports the circular economy with a network of connected devices and information
* Keeps products in circulation by reducing the extraction of new resources

* Monitors and tracks the product's life cycle, from design to recycling and reuse
* Enables condition monitoring of high-risk, high-value goods during transport, storage, and use

What is a Digital Product Passport?

* Contains information about a product gathered throughout its life cycle
* Ensures that the product can be traced, returned, and reused
* Expands the product's lifetime and leads to recycling and reusing
* Tokenization of assets and rewards incentivizes product reuse

* Creates a digital twin of the product to record its lifecycle events

The benefits of the DPP

* Transparency in supply chains
* Access from all actors involved in the product's life cycle
* Real-time updates and insights by all stakeholders

* A digital twin that influences how products are handled throughout their lifecycle

The DPP is a powerful tool that supports the circular economy and enables sustainable living.

IOTA's DLT offers a protocol with a different consensus mechanism as a solution to the energy consumption problem of most DLTs.

The #DPP creates a digital twin of a product that records its lifecycle events, leading to a better understanding of how existing materials can be improved.
With the DPP, we can create a greener, more durable, and more efficient future for all.

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