Monday, 27 March 2023

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

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

‘Recycle to Earn’ was the motto presented by Eric Vogel earlier this month while pitching his startup at the European Blockchain Convention, decades after he started recycling plastics and cans from his grandmother’s house to earn extra money for a Game Boy. 

Vogel’s love for video games and increasing interest in the impact of recycling in the world are behind his inspiration for Circularr, a London-based company seeking to connect recyclers, manufacturers, and brands throughout a decentralized recycling ecosystem.

Proper recycling is a growing challenge.According to the Plastic Waste Makers Index, recycling across the world is not expanding fast enough to keep up with plastic waste, resulting in greater chances of being disposed of on oceans, beaches and rivers than going to recycling plants. In 2021, over 139 million metric tons of single-use plastic waste was generated worldwide.

The nearly three-year-old startup is allowing consumers to deposit plastic waste at collection points, such as reverse vending machine manufacturers, recycling points and smart bins through partnerships. The containers are collected and sent to a recycling plant. This widely used process, however, is now powered by blockchain technology.

The plastic waste is rewarded with a deflationary utility token that can be used to swap for exclusive incentives and offers through a native wallet, like a free coffee or meal, or to mint nonfungible tokens (NFT) with underlying data about recycled materials, such as its origin and type of plastic, providing an end-to-end traceability of the recycling process.

“Plastics from a specific event or venue could fetch an even higher price than a standard metric tonne of recycled plastic, as it would have all of the underlying data attached to it. So, brands and organizations could upcycle this plastic to produce limited edition kit or merchandise from key events,” Vogel told Cointelegraph, adding that:

“By using blockchain technology, it becomes possible to create a digital trail that records every step of the recycling process, from the collection of waste to the sale of recycled materials.”

The concept earned Circularr’s team the recognition as blockchain startup of the year at the European event. Also, recently, the startup received a $50 million investment commitment from the alternative investment group GEM, providing liquidity and resources to pilot Material Recycling Facilities (MRFs). 

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