On September 24, Inverse releases an article detailing the ways a non-profit organization Plastic Bank is cleaning up the ocean. Plastic Bank rewards people who hand over recyclable plastic waste with cryptocurrency.
Further, the article reveals that the Haiti working organization will be expanding its operation to more developing countries. Plastic Bank’s chief executive, David Katz says that an organization has launched a project in Haiti in 2016.
In addition, Katz explains a reason behind the project launch in Haiti. Their team wants to show the world that Plastic Bank has a working product. The article further describes the situation in Haiti before the team initiates implementation of Plastic Bank project.
Also, IBM Blockchain’s General Manager Marie Wieck states that children and women who will gather plastic wastes need to claim their payments in reclamation centers. Consequently, there were lots of incidents where these people were robbed of their proceeds.
Therefore, IBM partners with Plastic Bank to design an innovative solution creating a secure and smooth reclamation process. Presently, the team is utilizing IBM’s Hyperledger Fabric enterprise standard. IBM collaborates with Digital Asset to create this tool which is presently hosted by Linux Foundation’s LinuxOne server.
The Plastic Bank Project
The platform allows waste collectors to choose their payment token, either with a US dollar token or a native token. Those tokens which can trade the basic supplies directly from Plastic Bank. In addition, the native token allows firms to get supplies in exchange for recycling plastics sent to companies.
Further, the co-founder of Plastic Bank Shaun Frankson reveals that the firm will be managing the price fluctuations of plastic. Therefore, this will eliminate cases of a sharp drop in price which will, in turn, snuff out collectors’ motivation.
At the moment, major industries are extensively researching the blockchain technology. We can safely say that physical and financial resources dedicating to the development of blockchain are finally yielding results. Projects like Plastic Bank are some of the ways blockchain can be a solution to solve flaws of existing traditional systems.
Are you ready to help our country to become a clean green area to live in? Let’s help ourselves by contributing in such projects for the betterment of our nation!
You can also read:
- Humanity.co Launches Health Data App Based on IBM Blockchain
- AAIS Partnered with IBM for Blockchain Based Insurance Regulatory Reporting
Image Courtesy- BrownRecycling, EFA-Ohio, European Bioplastics