The project collaborators can determine the complete history of a particular plastic bottle during phase one of the multi-phase project
Many international household brands have committed to achieve 25% recycled content by 2025. (Credit: PRNewswire / DeepDive Technology Group)
Recycling company RecycleGO has collaborated with DeepDive Technology Group on the recycling blockchain technology.
The partnership will work to deliver transparency and better decision-making to the recycling supply chain business using blockchain technology.
RecycleGO CEO Stan Chen said: “The more visibility you have in any kind of supply chain, the more you’re able to engage in enterprise resource planning, including pricing and purchasing decisions and inventory management, which has a direct impact on protecting your margins and, ultimately, your value creation as a whole.”
RecycleGO is establishing collaborations with international household brands, of which many have committed to achieving 25% recycled content by 2025.
According to DeepDive, participants in the recycling blockchain technology are aiming to achieve between 15% and 20% savings from supply chain optimisations during phase one.
Concurrently, big-brand producers can use data to, directly and indirectly, enhance the availability of recycled content to further boost corporate brand image.
The new blockchain product will be based on Hyperledger Fabric
Under phase one of the multi-phase project, the collaborators of the project can describe the complete history of a particular plastic bottle ranging from when it is created, collected, converted back to raw material form and sent back to the manufacturer to make another plastic bottle.
The new blockchain product, which is officially under development, will be developed using Hyperledger Fabric, an open-sourced blockchain framework promoted across the globe by more than 250 members such as IBM, Intel and DeepDive.
DeepDive CEO Misha Hanin said: “Blockchain technology will provide irrefutable proof of the good environmental behaviour for each and every stakeholder up and down the recycling supply chain, which can be monitored, incentivised, and, ultimately, trusted.”
In July this year, Japanese technology and electronics company NEC developed an AI-based system that can measure the number of microplastics in the world’s oceans.