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šŸ’„A sustainable future: Using blockchain for digital product passportsšŸ’„
December 30, 2022
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The world is in crisis as the increasing global population has strained the limits of what our planet can sustainablyĀ offer and renew. Without thinking about sustainability, the ability to fulfil the needs of current generations without compromising the needs of future generations, we risk depleting valuable resources, irreparably damaging our environment, and endangering our very future. Other than the changing attitudes of consumers and forward-thinking businesses, here are also some of the relevant regulations coming into place:

  • Construction Products Regulation: proposed in 2022
  • EU Strategy for Sustainable and Circular Textiles: implemented in 2022
  • EU Ecodesign for Sustainable Products: first adoption in 2024
  • Corporate Sustainability Reporting Directive (CSRD): to be implemented in 2024
  • New EU Battery Regulation: to be implemented in 2026
  • Critical Raw Material Act: first drafts due in the first quarter of 2023

There are also major updates to a host of existing Extended Producer Responsibility (EPR) and other directives whereby traceability is a key focus area such as:

  • Packaging and Packaging Waste Directive
  • End-of-life Vehicles Directive
  • Electrical and Electronic Equipment (EEE) & Waste Electrical and Electronic Equipment (WEEE)
  • Conflict Minerals Regulation: to be reviewed in 2023

We can no longer ignore the pressing issues at hand. Our ability to achieve sustainability depends significantly on our ability to work together to reduce waste and environmental impacts, maximise efficiency, and to also ensure ethical practices that do not infringe upon other humans, land rights or the natural ecosystems and biosphere.

Digital product passports and blockchainĀ could play major roles in creating a more sustainable future.Ā Together, they offer a compelling solution to add more visibility, trust and knowledge of complex material flows within global supply chains. But how would they work together?

Your passport is a state-issued document that allows you to travel and return to your home country. It contains a lot of personal information about you and your country of birth, the visas you need to travel, and keeps a record of all the countries you have visited.

Similarly, digital product passports also contain a range of information to track products throughout their entire lifecycle from production to end-of-life disposal. This information can be used to ensure proper sourcing of materials, monitor sustainable manufacturing practices and facilitate product lifetime extension. At the end of use, a digital product passport is invaluable for the disposal of products to increase the efficiency of material recovery and the reduction of waste. Digital product passports can also be used to engage with or reward stakeholders and customers for sustainable practices and behaviours.

Blockchain technology is already being utilised in many industries to improve transparency and traceability, showing immense potential in speeding up the transition towards a circular economy. Due to the decentralised nature of public blockchains, unauthorised access and manipulation of the data is impossible, making it highly trusted and reliable. But because all transactions are visible to everyone on the network this creates a lack of privacy that can be a major concern and barrier for businesses who want to keep certain information confidential and secure such as sensitive data relating to the composition of materials or products. Yet, this is sometimes the exact data that is needed to facilitate circular innovation and recovery strategies.

Fortunately, methods for protecting data privacy have been developed and are already in use in commercial applications. Data can be kept confidential with zero-knowledge proofs, or using smart contracts to securely reference off chain data. Other cryptographic strategies such as ring signatures, homomorphic encryption, and public-key cryptography can also be used to ensure that only the intended recipient can access the specific data set when required.

To summarise:

  1. Digital product passports offer a transparent way of tracking and managing product information, allowing governments, regulatory bodies, businesses, and consumers to identify and verify the quality and origin of products.
  2. Building digital product passports on public blockchain technology provide immutable records of ownership, origin and usage, increasing trust and transparency in complicated supply chains.
  3. Zero-knowledge proofs, smart contracts, and other cryptographic strategies can be used to protect data privacy, enabling transparency and trust without giving away any sensitive or confidential data.

Digital product passports will undoubtedly become the norm in the coming years, just as sustainability has become essential for long-term success. Companies that focus on sustainability can reduce operating costs, improve operations and reduce inefficiencies. At the same time, they can increase customer satisfaction and loyalty, boost brand reputation, and tap into the growing demand for sustainable products.

Creating a digital product passport requires dedication, planning, analysis, and collaboration to ensure that all the relevant information is accurately captured and stored. The work does not end with its implementation. It will also need to be continuously monitored, analysed, and audited to identify any issues that need to be addressed, such as outdated or inefficient processes.

Realising and implementing working digital product passport systems will be the first step on an innovation journey that will create new interconnected ways of working. The full benefits of digital product passports will only be realised once they are scaled and interoperable across multiple value chains. The data and insights contained within digital product passports can then be used to inform material selection challenges, product design briefs, and circular business models. In turn, these can facilitate customer interactions to promote sufficiency, product lifetime extension and take-back operations to facilitate end-of-life recovery.

This is how we realise the circular economy vision for materials and products to flow end-to-end and back again through multiple loops of use and reuse. Yet, technological solutions alone will not bring about these full potential benefits; there’s also a need to change mindsets around how, what, when, and with whom to share data. This is why we are working to consistently advance practical examples of what is possible when combining digital transition with circular innovation and supply chain operations.

CirculariseĀ supports companies in their transition towards circularity. Our cutting-edge solutions protect your data privacy and give your business a competitive advantage. Sustainability can be an attainable, yet profitable objective for your business as it scales.

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Source: The Dinarian ⚔ Claude AI

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šŸ’³ PayPal:Ā 
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Soroban Security Audit Bank: Raising the Standard for Smart Contract Security

The Stellar Development Foundation (SDF) is deeply committed to helping ensure that the highest security standards are available for projects building on the Stellar network. Last year SDF launched the Soroban Security Audit Bank, an initiative to provide projects access to auditing experts and tooling that are proven to help prevent hacks by catching potential bugs, inefficiencies, and security flaws before contracts go live. Through the Soroban Security Audit Bank, we’re empowering teams building on Soroban with comprehensive security audits from leading audit firms, enhanced readiness support, and robust tooling, significantly elevating the ecosystem’s safety and efficiency.

SinceĀ launch, the Soroban Security Audit Bank has successfully conductedĀ over 40 essential audits, deploying over $3 million to support security of the smart contracts on Stellar. Check it out!

Ā 

Ecosystem Success Stories: How the Soroban Audit Bank Drives Security Forward

By making automated formal verification available to developers, in addition to allocating significant budget for securing many of the top DeFi protocols built on top of Stellar, SDF has established a new security standard in the Web3 ecosystem. –Mooly Sagiv,Ā Co-FounderĀ of Certora
SDF has been a strong partner as we’ve worked with teams across the Stellar ecosystem. SDF’s Audit Bank initiative allows for a smooth and streamlined review process, and is a clear reflection of the Stellar ecosystem’s enhanced commitment to security. –Robert Chen,Ā CEOĀ of OtterSec
Ā 

Leading projects within the Soroban ecosystem have highlighted the impact of the Audit Bank

Finding a good auditor is difficult, expensive, and high-stakes. The Audit Bank streamlines the process and supports ecosystem projects with security review at critical growth milestones. –Markus Paulson,Ā Co-FounderĀ of Script3
The audit firms we worked with deeply understood the full ecosystem and the underlying protocols used. Their expertise and the tools from the Audit Bank strengthened our security and supported user and investor trust. –Esteban Iglesias ManrĆ­quez,Ā Co-Founder of Palta.Labs

What's New in 2025: Enhanced Audit Support for Soroban Builders

Teams building financial protocols, high-dependency data services, high-traction dApps funded by the Stellar Community Fund are able to request an audit and will typically be matched with a reputable audit firm within two weeks. We recently restructured the program for this year to enhance audit efficiency and incentivize accountability, and rapid and complete vulnerability remediation:

  • Complimentary Initial Audit: Projects will need to contribute 5% of the audit cost upfront, but this co-payment amount is eligible for a full refund, provided that critical, high, and medium vulnerabilities identified are swiftly remediated within 20 business days of receiving the initial audit report (learn more).
  • Incentivized Security at Key Traction Milestones: Complimentary, extensive follow-up audits are available as projects achieve critical traction milestones (e.g., $10M and $100M TVL). These audits include deeper assessments such as formal verification or competitive audits, significantly boosting project security at pivotal stages.
  • Advanced Security Tooling: Projects can enhance their security self-serve through complimentary or discounted access to specialized tooling, which provide vulnerability detection and formal verification capabilities (see full list of available tooling). These tools are encouraged to capture ā€˜easy-to-spot’ issues prior to audit as well as a final check post-audit to increase the effectiveness and thoroughness of audits.
  • Enhanced Audit Readiness Support: Projects receive structured preparation support, including the implementation ofĀ best practices and security standardsĀ based on the STRIDE threat modeling framework. This ensures project teams are thoroughly prepared, optimizing audit efficiency and minimizing delays.

Get Started Today

If you're already funded through the Stellar Community Fund,Ā meet the criteriaĀ and ready to secure your smart contracts, check your email for an invitation to submit an audit request–if you haven’t received one, contactĀ [email protected].

If you haven't built on Stellar yet, we encourage you to start your journey with theĀ Stellar Community FundĀ to become eligible for future security audits and ecosystem support. For any broader questions on the program, contactĀ [email protected].

Also, we’re organizing an exciting series of workshops–join us for the kick-off onĀ Soroban Security Best PracticesĀ on Friday, May 30, 2025 at 2 PM ET onĀ @StellarOrg. Together, we're shaping a secure and resilient future for smart contracts on Stellar.

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If you find value in my content, consider showing your support via:

šŸ’³ PayPal:Ā 
1) Simply scan the QR code below šŸ“²
2) https://www.paypal.me/thedinarian

šŸ”— Crypto – Support via Coinbase Wallet to: [email protected]

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Santander mulls stablecoin, crypto offering

BloombergĀ reported thatĀ Banco SantanderĀ is mulling introducing euro and dollar stablecoins, or potentially making a third party coin available to clients, citing sources. This move aligns with broader crypto ambitions, as its digital bank, Openbank, has reportedly applied for a European cryptocurrency license under the Mica Regulations and may enable retail access to digital assets.

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Santander’s involvement could extend beyond an individual initiative. The bank is a shareholder in The Clearing House, where the Wall Street Journal reported thatĀ US banks are exploringĀ the potential to create a joint stablecoin. If a US initiative took that route it could involve nine more G-SIBs including Bank of America, Barclays, BMO, BNY Mellon, Citi, HSBC, JP Morgan, TD Bank and Wells Fargo.

Apart from these initiatives, our research shows that more than 20 other banks have been involved in stablecoin projects.

Until recently stablecoins were mainly used to settle cryptocurrency transactions and by residents in countries with volatile domestic currencies. During the last yearĀ stablecoinĀ infrastructure has been expanding, especially for mainstream cross border payments. Plus, President Trump issued an executive order prioritizing stablecoins. One of the administration’s motivations is this increases demand for US Treasuries,Ā lowering the interest rateĀ the government pays on the Treasury bills.

Santander as an early digital assets mover

Santander’sĀ stablecoin consideration builds on years of blockchain experience. The bank was an early Ripple investor and previously used Ripple’s permissioned network for payments (not XRP), while also embracing permissionless blockchain activities including issuing aĀ digital bond on EthereumĀ in 2019. This dual approach led to collaborations with other major players – alongside Societe Generale FORGE and Goldman Sachs, Santander participated in theĀ European Investment Bank’s first digital bond, also on Ethereum. Currently, the bank’s most significant digital money initiative involves Fnality, the wholesale blockchain-based settlement network, where Santander ranks among 20 institutional backers and is part of the early adopter group alongside Lloyds Bank and UBS.

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šŸ™ Donations Accepted šŸ™

If you find value in my content, consider showing your support via:

šŸ’³ PayPal:Ā 
1) Simply scan the QR code below šŸ“²
2) https://www.paypal.me/thedinarian

šŸ”— Crypto – Support via Coinbase Wallet to: [email protected]

Or Buy me a coffee: https://buymeacoffee.com/thedinarian

Your generosity keeps this mission alive, for all! NamastĆ© šŸ™ The Dinarian

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