How Coin Economy Could Be Integrated With Recycling?
The same technology that powers crypto currencies like bitcoin is quietly making its way into trash management and it could potentially play a key role in keeping recyclables out of landfills. Blockchain is a super-secure digital ledger that records transactions chronologically and publicly. According to industry experts, the coin technology might make tracking waste and recycling shipments much easier, as well as assist with regulatory compliance.
Recereum is a blockchain-based ecosystem platform for motivating people. Households that sort their trash can earn money by recycling bottles, batteries, and obsolete electronics. A portion of the money saved by properly sorting garbage is sent to Recereum’s cryptocurrency account in the form of coins, which are distributed to each household or to the user’s personal wallet. These coins can be obtained from a variety of locations, including recycling stations, bottle vending machines and waste collection centers, and can be used to reduce the cost of energy, gas or waste disposal.
Recycling and the Chinese Ban ‘Transparency’
This year, tracking waste took on additional significance after China basically chose to cease accepting recycling imports from the West. As a result of China’s action, recycling facilities are experiencing a backlog, causing some recyclers around the world to just dump the trash in landfills. The lack of accountability for the final destination of recovered materials is a major problem in the trash sector. Historically, waste has been difficult to track. However, with blockchain, designing a system where individual pieces of plastic (or garbage bags) could be marked with scannable QR-Codes and subsequently monitored through each step of the recycling supply chain would be rather simple. Better data on what was picked up and delivered will also assist businesses in better understanding the economic worth of their waste streams while also assisting them in achieving their sustainability goals. And a more accountable system would make households feel more certain that their recyclable bottles, cans, newspapers and cardboard will not end up in a landfill when they put them out on the curb every week.
The Big Selling Point of Cryptocurrencies
Plastic Bank, a Vancouver-based startup, has developed a transaction-based app that compensates waste collectors in bitcoin for plastic collected in local neighborhoods. The recycled material is then marketed up the supply chain to large corporations eager to reduce their environmental impact.
Operating Costs are a Big Question
By 2025, the global cost of dealing with solid waste is predicted to climb to $375 billion per year, up from $205 billion in 2010. According to the World Bank, underdeveloped countries will see the greatest cost hikes. While businesses and investors are interested in blockchain’s promise to reduce transaction costs, there are concerns regarding operating expenses, particularly the massive amounts of energy required to maintain some blockchain systems.
Other block chain-based garbage projects are attempting to expand their reach. RecycleGO, a five-person New York-based firm, is aiming for communities all over the world. The startup wants to incorporate software and technology into the recycling sector. The world produces 400 million tones of plastic per year, but only a small portion of it can be recycled. He believes that change must be comprehensive and sweeping as a second-generation recycling professional. As plastic bottles are broken down into raw materials and transformed into merchandise, QR codes on the bottles will be scanned, and the bottles will be uploaded to and tracked on a blockchain. QR codes will be applied to plastic bottles and the bales into which they are packaged. These codes, when scanned, reveal the chain of custody as the items pass through the recycling process. The system could make life simple by monitoring waste and recycling shipments, as well as helping with regulatory compliance. Providing incentives is a simple way to take, and coins make it even easier.
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