The GS1 Member Organizations have ratified EPCIS 2.0. With the ratification, IOTA is driving the revolution in the digitization of the supply chain data. EPCIS 2.0 is the unified language for the management of supply chain data in a decentralized manner.
According to a blog post by IOTA published on July 7, the ratification would enable multiple actors to authenticate and share immutable data irrespective of their location on the planet.
The report says that the ratification of non-repudiated data and interoperability are among the mandates of the new EU-proposed regulation.
It continues by stating that,
“Digital Product Passports (DPPs) are one of the key applications of EPCIS 2.0”
Extensive Reviews And Trial
The report said that the community review stage of the EPCIS 2.0 standard commenced in October, last year and that after a thorough review, the final ratification was the consequence of an extensive review of the project. It has been described as a key digital technology enabler. This is especially in the value chain industry with an emphasis on green energy and an interconnected global economy.
The release said that:
“EPCIS 2.0 is a unified language for machine-readable representation of business events in supply and value chains.”
It highlighted that this machine readable language represents the when, where, why, what and how dimensions. In other words, the packaging of a product originates from a particular location, at a particular time at a certain temperature.
These variables can be represented and tracked using a universal standard. This can also follow through even when the package has been recycled in tracking its history.
Decentralized Data Representation
The update highlighted the role played by the IOTA Foundation in the refining of the standard through the provision of key assets and technical expertise based on its work in the supply chain management and distributed ledger technology, with the emphasis on digitization.
It added that EPCIS 2.0 works well with the IOTA DLT, enabling economic players to share and authenticate data in a trustless manner. Entities seeking compliance checkups can easily key into the standard to benefit therefrom.
After 5 years of hard work, EPCIS 2.0 has been ratified by GS1 and is a live standard! Incredibly proud of what the working group has achieved. It will be a major tool for #supplychain #transparency and #interoperability – @digimarc @gs1 @iota @evrythnghttps://t.co/6kUg40SlJW pic.twitter.com/1xqnwJ5ckd
— Dominique Guinard (@domguinard) July 6, 2022
Transparency and Sustainability
The emphasis of the standard is transparency and sustainability. The report further stated that:
Its combination with the decentralized capabilities of DLTs for data verification can strengthen this commitment, especially given upcoming EU and US regulations.
It highlighted that the synergy between the IOTA DLT and EPCIS 2.0 will have a massive impact on the industry.
Application is driven through partnerships such as with Digimarc. This is a pioneer in applying EPCIS 2.0 to DPPs for EV batteries and electronic appliances, key use cases of the EU Blockchain Pre-Commercial Procurement (EBSI).