Recycle-to-earn, a new frontier for blockchain technology toward ESG goals

Mar 14, 2023 | wjb news

"Recycling": this is also Eric Vogel's life motto when he introduced his start-up at the blockchain conference abroad earlier this month. Decades ago, he began recycling plastic and canned fruit from his grandmother's house to get extra money for a game boy.

Vogel's enthusiasm for silt drama and his growing enthusiasm for recycling hazards are the source of his inspiration for Circularr. Circularr is a London-based company that seeks to combine recyclers, producers and brands in a fragmented recycling ecosystem.

Correct recycling is a very big test. According to the plastic waste producer index, recycling around the world is not growing fast enough to keep up with the rise in plastic waste, making plastic waste more likely to be thrown into the deep sea and rivers or beaches, so that it will not be thrown into recycling processing plants. In 2021, the world caused more than 139 million tons of disposable plastic waste.

The startup, which has been founded for nearly three years, allows customers to collaborate to store plastic waste in the opposite direction of vending machine manufacturers, recycling points or garbage sorting bins. The shipping containers are saved and sent to the recycling plant. However, this commonly used process is now supported by blockchain applications.

Plastic waste also gets an inflationary utility dynamic password that can be used to obtain exclusive agent incentives to give discounts based on local wallets, such as free freshly brewed coffee or dinner, or for forging irreplaceable dynamic passwords, it also contains basic data about recycled raw materials, such as its source and type of plastic-end-to-end traceability to the recycling process.

Plastic from special events and galleries may be sold at a higher price than a ton of recycled plastic because it comes with every potential data. As a result, brands and institutions can update such plastics to produce limited modules or products for key activities.

According to the use of blockchain applications, establish a record of the entire recovery process and achieve each step of the digital footprint, from waste collection to sales of recycled raw materials.

In foreign events, this concept has won the recognition of this year's blockchain technology startups for the Circularr team. The startup also recently received a $50 million commitment to invest in the alternative Investment Group's gem (GEM) project, giving liquidity and network resources to demonstrate "raw material recovery equipment."

Similar diligence has been carried out in other areas related to the promotion of natural environment and social governance (ESG). Blockchain applications and automation technologies are increasingly used to improve the efficiency and accuracy of the carbon trading market, which is also a key component of global environmental governance. Vogel also mentioned:

Blockchain applications can effectively address some of the challenges related to recycling, such as a lack of trust among stakeholders and difficulties in verifying the source and quality of recycled raw materials.

Circularr's equipment and other collection points are planned to be deployed at bus stations and highway service points across the United States, as well as subways and airports in the United States. Other strategic partnerships with stadiums and competitions are also planned for major countries in the Middle East and North Africa.

The startup will take steps to implement ramps with partners, where users can swap tokens for other digital currencies and currencies in circulation, as well as a tracking and tracking system scheduled to be launched in the second half of 2023.

Teasing the recycling process is also one of the startup's goals, targeting tokens and gift brands that reward customers for recycling. "it all started with a video game console and a desire to make a big difference," Vogel said. " "Today, people have been working hard to build a stronger and more cyclical economic development."