Plastic Bank Harnesses Blockchain to Rid Oceans of Plastic Garbage

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Plastic Bank Harnesses Blockchain to Rid Oceans of Plastic Garbage

Post by howlermunkey » Tue Jul 03, 2018 8:13 am

Several companies use or plan to use blockchain to fix the problem of plastic garbage in the seas and oceans. The scale of the issue is exemplified by the Great Pacific Garbage Patch, which is a mountain of some 87,000 tons of plastic waste in the ocean territory between Hawaii and California. However, it is only part of the eight million tons of plastic debris that get dumped into the oceans year after year. Vancouver-based startup Plastic Bank is one of the companies trying to use the distributed ledger technology (DLT) to keep the oceans clean.

Co-founder and chief digital strategist Shaun Frankson told Bloomberg Environment:

“Our goal is to be the largest recycling company without assets. We want to be the Airbnb of recycling.”

He revealed that around 80% of plastic garbage comes from developing countries with poor waste management culture and infrastructure.

Plastic Bank has created a blockchain-based app that rewards people with digital tokens in exchange for collected plastic bottles and allows the conversion of these tokens to goods or cash. The waste, referred to as “social plastic,” is then sold to companies worldwide. The application was developed in collaboration with US tech giant IBM, which is making a great contribution to the growth of the blockchain market.

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