Decolorable ink developed by Toshiba consists of leuco dye, developer, and eraser. The key to fabricating an effective imaging material is to find a balance among these three components. There is equilibrium between colored leuco dye and colorless leuco dye. Because the equilibrium is dominated by colorless state in a solution, an addition of solvent to the ink instantly make it colorless. A similar decoloring process is performed by heating. This decolorable ink technology could be applied to almost all imaging materials.
Kenji Sano, "Decolorable Ink" in Proc. IS&T Int'l Conf. on Digital Printing Technologies (NIP17), 2001, pp 24 - 27, https://doi.org/10.2352/ISSN.2169-4451.2001.17.1.art00004_1