As consumers become more conscious of their purchases’ impact on the environment, companies are increasingly pressured to be more transparent about their products’ sustainability credentials.
We decided to come up with a proposal to solve this problem. We build a groundbreaking tool that promises to revolutionize how we think about product information in the future.
Introducing the Product Passport?
The Product Passport is a digital document that provides comprehensive information about a product’s environmental impact. It is possible to have all information about a product, from the raw materials used to its end-of-life disposal. The idea behind the product passport is to give consumers and businesses a clear and transparent view of a product’s sustainability credentials. This allows them to make informed choices about the products they buy.
How does it work?
The Product Passport is created using a standardized framework considering a product’s entire lifecycle. The framework is based on the principles of life cycle assessment (LCA), a methodology that evaluates the environmental impact of a product from the cradle to the grave.
To create a Product Passport, The service works with companies to gather data on their products’ environmental impact. This data is then analyzed using Traent‘s LCA-based framework to create a standardized report that includes information on the product:
- Raw materials
- Manufacturing processes
- Energy use
- Use phase
- End-of-life disposal
The resulting Product Passport provides consumers with a comprehensive view of a product’s environmental impact,. Through this, the consumer can make informed choices about the products they buy.
Why is it important?
Transparency is increasingly becoming a key factor in consumers’ purchasing decisions. According to a recent survey by Deloitte, 60% of consumers consider sustainability when making a purchase, and 48% are willing to pay more for sustainable products.
The Product Passport provides companies with a powerful tool for communicating the sustainability of their products to consumers. By providing clear and comprehensive information on a product’s environmental impact, companies can build trust with consumers and differentiate their products from competitors.
In addition, the Product Passport can help companies identify opportunities for improving the sustainability of their products. By analyzing the environmental impact of a product at each stage of its lifecycle, companies can identify areas where they can make changes to reduce their environmental footprint.
Finally, the Product Passport can help governments, and regulatory bodies set sustainable product standards. By providing a standardized framework for evaluating the environmental impact of products, the Product Passport can help to create a level playing field for companies and encourage the development of more sustainable products.
Traent’s unique approach
Traent’s Product Passport offers a distinctive way of communicating a product’s environmental impact using the hybrid blockchain. There are many methods for making a digital passport, but these offer only a general overview of a product’s sustainability. Traent’s Product Passport leverages the hybrid blockchain to provide data whose origin is verified, ensuring tamper resistance and enabling public verifiability of the data. Additionally, hybrid blockchain technology makes the passport web3-native, making it suitable for use in distributed applications where control is decentralized in favor of end consumers.
The Future of Product Transparency
Traent’s Product Passport represents a major step forward in the drive for product transparency and sustainability. Consumers are increasingly aware of the impact of their purchases on the environment. An increasing number of companies are adopting tools such as the product passport to communicate the sustainability of their products. As governments and regulatory bodies also recognize its importance, the Product Passport will become a new standard for the transparency and sustainability of products.
To learn more about the Product Passport, go here.