The extreme level of utilization of Blockchain we have already seen in different sectors. The technology signifies trust. Needless to say, it sounds incredibly far-reaching. Because it has the potential to change the way you trading, interact with government and others. Furthermore, it verifies your authenticity of everything from legal property to organic vegetables. So, Plastic Recycling Through Blockchain is nothing new. But, how is it possible? Who did it? Every explanation you’ll get here!
Blockchain- the Technology of Trust
We are living in the Blockchain World! If you still don’t want to believe that, quickly check out the article- the latest Blockchain news. Its openness in nature with the internet gives a high level of security in cryptography. Hence, everyone can verify their key information in a faster and safer way. Thus, it establishes trust.
Plastic Recycling Through Blockchain
Most of us are unaware of plastic pollution. Even, our world’s oceans awash in the plastic. According to estimates, people around the world throw away 4 million tons of trash every day. Out of which 12.8% is plastic. Besides all, marine environments are already polluted with 150 million metric tons of plastic. Can you imagine it? That’s why the government around the world are issuing law for retailers and plastics producers. According to that law, they have to meet the minimum levels of recyclings of plastics. And that requirements escalate to move forward.
Now, many blockchain startups like to utilize technology. They wish to connect major refining companies with a new type of plastic recycling process. So, we can say a new endeavor to reinvent the current supply chain. Hence, technology is measuring the actions and demonstrating to the public.
As I mentioned before, plastic recycling through blockchain is not new. Because we got an example of a promising initiative in last year (2019) to recycle plastic in developing nations is ‘Plastic Bank’. The company is actually located in Vancouver and British Columbia. Their motto was to uses a blockchain system to allow locals to trade collected plastic for personal expenses. Such as cooking oil, tuition, healthcare, and other goods and services. Shaun Frankson and David Katz are the co-founders of Plastic Bank. They had derived a simple and smart solution for that. And that is- ‘paying people to keep plastic on dry land’.
The plastic bank set up more than 40 recycling centers. There, instead of exchanging plastic for cash, exchanged for cryptocurrency as it’s largely theft-proof. The blockchain platform was developed in partnership with IBM. The system allowed workers to exchange these tokens for local currencies or cryptocurrencies. Blockchain eliminates intermediaries. Hence, the workers could get the complete value for every waste they recycle. The digital tokens are placed into an account through a mobile phone app. Later, used to make purchases. And they accomplished their goal to reduce plastic waste in developing countries such as Peru, Haiti, Colombia, and the Philippines. Plastic Bank, a business for-profit that turned environmentally dangerous garbage into something of value.
The rigid plastics like bottles are mechanically recycled into lower-grade plastics. The process can be repeated twice at most. But a combination of clever industrial technologies is set to make plastics recycling more sophisticated over the next few years. Actually, it is returning chemically altered raw materials back into the manufacturing process. In this way, it is creating a completely circular economy for a waste product. And, hence the product has become a whip to the planet. Like, I have said 12 million tons of waste plastic enter the oceans each year.
CEO of Finboot, Juan Miguel Perez said, the chemically recycled plastics entering global supply chains is the next step for large oil and gas refining companies. And those uses enterprise blockchains to help firms measure and reduce their carbon footprints.
For more information, Finboot is working with Repsol. Repsol is a Spanish energy giant company. They create polypropylene used in plastic bottles. Now, they are looking to take the lead in plastics recycling to transform the downstream supply chains.
Another UK based startup Circulor is also looking to recycle plastic across supply chains. The CEO of Circulor, Doug Johnson-Poensgen believes, the way that proved is the Blockchain. But, the same issue is faced at an oil refinery, he added. The chemical recycling of plastic is the future and proper infrastructure gradually getting ready. Circulor is trying to scope out.
Recycling Technologies, Neste, is the world’s leading provider of renewable diesel, renewable jet fuel, and an expert in delivering drop-in renewable chemical solutions. They create seed stock for new plastic production. This actually improves the mechanical ways by incorporating soft plastics. Ultimately, which end up in landfills or simply bleed into the environment, said Marketing Manager Lisa Zafferani.
Her company essentially using a system of thermal cracking. That turns the plastic waste into a gas. These can be distilled into oil and refined by a petrochemical firm? In the same way, crude oil from the ground is refined. She believes blockchain can help to trace plastic waste in those processes of recycling and the output from them.
Writer, researcher, and analyst on cryptocurrency and blockchain technology at L&P Digitech Pvt. Ltd. Also managing the content with SEO at this current company. Keen interest to know more about new technologies related to the crypto world and blockchain technology. Completed Masters in Computer Application (MCA) and holds Post Graduate Diploma in Instructional Designing with sound knowledge in Articulate3. Out of all, love to travel, listen to music, and to eat also.