It’s Tech Thursday!
A whole week full of news, insights and circular ideas!
It’s Tech Thursday!
Today is all about tech!
Digital transformation and circular transformation are both trending topics – so why not integrate them into field-breaking circular economy solutions?
The Challenge:
With the Green Deal, the European Union declared to become climate neutral by 2050 – a goal that can only be reached by implementing a fully circular economy, according to Frans Timmermans, the Executive Vice-President for the European Green Deal. Unfortunately, only 12% of secondary resources and materials are brought back into the economy at the moment. If the circular transformation continues in the current speed, we won’t be able to achieve the goal.
Why?
- current circular innovations mostly focus on physical materials and resources, but rely on individual efforts and are neither efficiently coordinated nor transparent
- consumers/customers/companies are often not aware of recycled alternatives or assume that these options might be more expensive
To structure and coordinate the individual efforts and innovations, we need to generate, collect, process and make information available to the public. How? By using data!
The Solution
Digitalization enables the efficient use of data for designing and implementing circular solutions. According to a case study conducted by Deloitte Finland in 2017, only 30% of current circular innovations are digital ones. Unfortunately, it is exactly these types of innovations that can really contribute to accelerate the circular transformation. That is why we’re currently seeing a window of opportunity for digital circular economy solutions. One of our last year’s Green Alley Award finalists seized the opportunity and opened this window:
TrusTrace
The Swedish Startup, founded in 2016, developed a digital platform for product traceability and supply chain transparency. Using AI and blockchain technology they bring data transparency to producers who want to know what they sell, and to consumers who care about what they buy. Their market-leading digital solution focuses on fashion and retail. TrusTrace’s CEO and co-founder Shameek Ghosh was recently accepted into Forbes Technology Council. He believes that his membership will have a positive impact on his startup’s development and says: “Collaboration is key to achieve real innovation and positive change, especially in an industry and market that is still in its early days of maturity such as supply chain traceability and product transparency.”
Read the corresponding news here and visit TrusTrace’s website for more information
https://de.trustrace.com/
Speaking of Tech startups….Green Alley Award public voting candidates EDAC, Circunomics, Peggada, ScrapAd and Scrapp Ltd. have come up with exciting digital solutions. Go to https://green-alley-award.com/poll/2022-green-alley-award-public-voting/ and vote for YOUR favourite circular economy startups.