Hydro & DNV Launch Blockchain for Greener Metals
Hydro will implement the blockchain powered Tag. Trace. Trust. service developed by DNV. It allows anyone to instantly check the validity, data and
Hydro will implement the blockchain powered Tag. Trace. Trust. service developed by DNV. It allows anyone to instantly check the validity, data and authenticity of the product’s environmental profile. In the pilot phase, Hydro and DNV will work together with the sustainable furniture maker Vestre. The company uses Hydro CIRCAL in selected furniture lines. The product data on the platform gives the company and their customer traceability of the aluminium and the CO2 emission from raw material to a finished bench in a public park.
The next step is to review the experience from the pilot to assess how Hydro can implement the platform to a standardized model. The goal is to roll-out the platform to more customers.
Hydro plans to roll out the pilot in 2021.
Blockchain is a technology that allows for data to be validated and subsequently stored as an immutable ‘block’ through a peer-to-peer community on a digital database building on the principles of distributed ledger technology. The resulting blockchain is immutable because every block is validated based on previous blocks, making it near to impossible to alter – as the modification of a recorded transaction would require modifying all previous blocks. Blocks are validated by an algorithm to ensure replication among nodes are undertaken. Third party verification of processes on integrity of adding data as well as data checks add confidence that product claims are trustworthy and documented. A producer can document product quality, environmental impact and sustainability improvements distinctive to their products and make it available in a blockchain-based ecosystem. This creates differentiation in a competitive market increasingly looking for transparency and builds added trust in 3rd party validated sustainability claims.
The trustworthiness and security builds on 3 factors:
Each certificate or product passport is equipped with a unique digital identity and therefore traceable.
Documents equipped with a tag are therefore 100% authentic and unique and safely stored on the blockchain.
Anyone can easily trace its origin at source and check authenticity and details on the blockchain.