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Avery Dennison partners HBAR Foundation on sustainability initiatives

YarnsandFibers News Bureau 2022-05-13 08:16:56 – None

Avery Dennison is working on environmental efforts with the HBAR Foundation.

As part of the cooperation, Hedera's distributed ledger technology (DLT) will be integrated into the atma.io linked product cloud. According to Avery Dennison, customers will now be able to access one of the most cost-effective and energy-efficient DLT/blockchain systems and leverage those capabilities to support their decarbonization ambitions.

The atma.io linked product cloud assists brands in meeting net-zero ambitions and reducing waste across the supply chain. The atma.io platform now manages over 22 billion products across the fashion, retail, food, and healthcare industries. The platform is used by six of the top twenty garment businesses in the world by revenue, as well as four of the top ten quick-service restaurants (QSRs).

Using the Hedera Consensus Service (HCS) and Hedera Token Service, atma.io will expand beyond standard supply chain events to account for carbon emissions at a granular level (HTS). atma.io will also use the Guardian solution, an open-source tokenization tool that makes it simple to create and find ESG (Environmental, Social, and Governance) assets. This invention will enable Avery Dennison's atma.io linked product cloud clients across many verticals to account for their emissions and facilitate decarbonization.

Using Hedera services, atma.io provides a platform for more detailed carbon accounting, tokenization of their carbon footprint, and the opportunity to have highly credible carbon reduction tokens to assist fulfill net-zero emissions objectives for brands across a wide range of sectors.

Max Winograd, vice president, connected products, Avery Dennison Smartrac, and co-founder of atma.io, said that in the year since they launched atma.io, they've seen tremendous adoption by companies from clothes to food, cosmetics, retail, medicines, and more. They all require end-to-end supply chain traceability, carbon accounting, and carbon reduction capabilities to meet their net-zero carbon goals and provide their customers with the product transparency they expect.

Winograd added that they're pleased to begin pushing billions of item-level data transactions over the Hedera network to strengthen the link between the physical and digital worlds and help their clients to maintain their leadership in sustainability and traceability.

Brett McDowell, chair of the Hedera Governing Council, said that Avery Dennison is growing as a worldwide leader in sustainability, and the evolution of atma.io is enabling them in turn allow their customers to execute on their sustainability and circularity ambitions. During their tenure on the Hedera Governing Council, their grasp of the sustainability and traceability benefits that distributed ledger technology can offer to supply chains has grown tremendously. And now, their customers will not only have access to a single source of truth, where the origins and entire journey of a product can be chronicled and made available to brands, retailers, and consumers, but they will also be able to manage emissions and highlight their sustainability directly in the connected product cloud.

Shayne Higdon, CEO, and co-founder of the HBAR Foundation, said that atma.io's adoption of carbon emissions tokens on Hedera, and the ability to access certified carbon reductions will enable corporations to substantiate their claims with complete transparency of the data and players involved.

Customers of atma.io will be able to purchase carbon emission and reduction tokens beginning in June 2022.

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