Blockchain startup solves problem of plastic waste using cryptocurrency

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With the aim to solve the problem of plastic waste getting into the environment, particularly in the ocean, the company Plastic Bank together with IBM has developed the blockchain-a platform for exchange of plastic waste into tokens, which can then be spent on basic goods and services. The product is intended for residents of poor countries, where the problem of waste disposal is particularly acute. In 2015, the company launched 40 centres for the reception of plastic on the island of Haiti.

The canadian company Plastic Bank is developing a blockchain service that will help to increase recycling of plastic waste in developing countries.

To date, not only on earth but also in the world’s oceans have accumulated hundreds of thousands of tons of plastic waste which does not decompose in natural conditions. Plastic harm the ocean flora and fauna and even the seafood, which can then get on the dining room table.

While in recent years there have been several startups that are developing solutions to remove plastic from the world’s water systems, Plastic Bank figured out how to motivate people to recycle plastic, not just throw it away. That is, eliminate the cause of environmental pollution.

The company organizes the process of plastic waste recycling in poor countries, which account for a significant proportion of plastic waste. It is developing blockchain platform that enables the user to exchange the collected plastic wastes to basic services, such as admission to hospital, education, commodities.

Developing countries are particularly affected by plastic waste due to the primitive systems of waste disposal, resulting in a lot of dumps, polluting soil and water.

According to studies, 90% of plastic waste enters the world’s oceans from 10 rivers, of which 8 are located in Asia and 2 in Africa.

“We must stop the flow of plastic entering into the ocean. For this, we should focus on areas that are the source of the problem,” said co-founder of the Plastic Bank David Katz.

As a pilot project, the company has established 40 centres for the exchange of plastic on its own crypto currency on the island of Haiti. Tokens are credited on the individual account, then they can be exchanged for goods and services via blockchain-based platform developed by the startup conjunction with IBM Corporation. The users connect to the platform and account management is done via the mobile app.

This system guarantees that “the right people get the right amount at the right time”, I’m sure the other co-founder of Plastic Bank, Sean Franklin. The company abandoned the use of cash because of the risks of fraud and theft.

Since the first reception center in Haiti, plastic, Plastic Bank made the volume of garbage which is equivalent to 100 million plastic bottles. Put waste company recycles chips or pellets and then exported to other countries for reuse in production.

This is not the first application of blockchain technology to improve the environment. So, in April in Krasnoyarsk has announced the construction mining farm “dual-use”, which will use heat waste from equipment to heat nearby homes. In addition, NASA began an experiment on the use of smart contracts for Ethereum evasion probes and satellites from space debris, which interferes in earth orbit.

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