For sustainable society


Plastic waste exchanged for cryptocurrency

We as human beings have manufactured a great number of plastics, of which the total number is 8.3 billion tons.  Do you know how much plastics, out of that huge amount, are recycled? It’s only 9%. The remaining plastic waste is not recycled and left all over the world, and most of the plastic waste left eventually ends up in the sea.

It is said that 12 million tons of plastic waste flows into the sea every year, which has a serious negative impact on the marine ecosystem.

A groundbreaking project has launched in Canada, that not only solves such marine pollution caused by plastics but also helps people in poverty. A project named “Plastic Bank” aims to reduce marine plastics by building a business model of collecting and recycling used plastics and selling them to manufacturers and retailers.

The biggest feature of Plastic Banks is that cryptocurrency will be paid in compensation for the collection. The cryptocurrency can be used to purchase foods, water, daily necessities, etc., and collecting garbage allows collectors to make their livings. This approach can solve the two problems at the same time: marine pollution and poverty.

By the way, a dedicated application is used for purchasing products. Like other cryptocurrencies, the reliability of transactions is enhanced by utilizing “blockchain technology” that manages transaction records in a distributed manner and prevents data falsification. These systems were built by IBM, in the United States.

Plastic Bank was founded in 2013 and started collecting plastic waste in Haiti in 2015, and after that, it expanded into the Philippines, Indonesia, and Brazil.  In these countries, stores, where collectors can buy and sell plastics, have been increasing with the support of SC Johnson in the United States and Henkel in Germany. This project has already collected 6.3 million kilograms of marine plastics. Currently, 4,300 people around the world participate in the activity as collectors.

The project of Plastic Bank is very innovative. On the other hand, David Katz, CEO of Plastic Bank, commented “If we remove all the economic value from plastic waste, we’re doomed,” on CNN’s interview. By the end of this project, a sustainable society will come into the next stage.

Source: Plastic Bank

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