Circular Economy

By 2050, the global total amount of waste will grow by 70%, while each person generates an average of 500kg of waste per year. Yet we only recycle about 20% of our global plastic waste. As a result, in 30 years our oceans will contain more plastic by volume than fish. The solution: Circular Economy

To implement a European circular economy, the European Commission published an action plan in March 2020. In it, the Commission postulates "mobilizing the potential of digitizing product information, with solutions such as digital product passports, markers and watermarks" and "promoting the use of digital technologies for the exploration, tracking and inventory of resources".

Through the interaction of blockchain technology with specific hardware components (such as RFID), the paths of products, components and materials can be tracked and the resulting data stored and made accessible in a tamper-proof and transparent manner. With our Chroniql database and our team of blockchain experts, we can develop customized digital identities of your products, individual materials or resources.

The Action Plan also shows that companies will have to proactively establish and prove their compliance with the Circular Economy goals of the European Commission in the future. The Commission is currently developing new labelling, standardization, certification and regulatory measures - in addition to the existing EU Ecolabel - to improve the control of companies.

We are planning to develop a customized environmental module of our Compliance Cloud that will actively manage and monitor compliance with existing and future regulations. The measures taken can in turn be stored transparently and tamper-proof with our Chroniql database and can be proven to the relevant authorities at any time.

We would be happy to give you more information about this use case and a possible implementation in your company at any time, just contact us!