RecycleGO, DeepDive Partner To Use Blockchain To Rid The Environment Of All Recycling Waste Completelybr>
Recycling company RecycleGO has teamed with DeepDive Technology Group (DDTG) to bring trust, transparency and better decision-making to the recycling supply chain business using blockchain technology.
Launched in 2016, RecycleGO is a recycling service and technology provider aiming to leverage blockchain and other technologies to improve the recycling system by optimizing recycling operations and verifying supply chains and carbon offset.
DDTG is a consortium of professional services firms which specialize in custom blockchain development, security, infrastructure, and cloud technologies. It provides a comprehensive 360° solution for all types of businesses and corporations.
RecycleGO is forming collaborations with international, household brands, many of which have publicly pledged to reach 25% recycled content by 2025; with less than five years remaining, the recycling rate hovers around eight percent today. According to RecycleGO, Phase 1 of the multi-phase project will allow project collaborators to identify the entire history of a particular plastic bottle — from the moment it gets created, collected, converted back to raw material form, and shipped back to the manufacturer to make another plastic bottle.
“Participants in the recycling blockchain technology should expect to see 15-20% savings from supply chain optimizations during Phase 1 alone,” the company said. “Simultaneously, big-brand producers can use data to directly and indirectly improve the availability of recycled content in a way that boosts corporate brand image.”
RecycleGO’s new blockchain product – which is currently in development – will be built using Hyperledger Fabric, an open-sourced blockchain framework supported internationally by over 250 members including IBM, Intel, and, most recently, DeepDive.
“There is a market that wants more recycled material, but we currently don’t have enough content to support it; consumers simply are not recycling enough,” said Eco-Entrepreneur and RecycleGO CEO Stan Chen. “Blockchain technology could be the single catalyst to actually solving that. The goal is to get from eight percent recycling to 100%.”That’s the moonshot we’re shooting for. This is our target. And we know we have to use blockchain to do it.”
DeepDive CEO Misha Hanin said that 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, incentivized, and, ultimately, trusted.
“What we have is the world’s first comprehensive and inclusive blockchain solution that allows any kind of material to be tracked and any kind of stakeholder can join,” Chen noted. “Touching every stakeholder, every recyclable piece of material, at every point of the recycling process, this first-of-its-kind recycling solution will help us rid the environment of all recycling waste altogether. Plastic bottles are just the start. In the past two years, blockchain has gone from something almost no enterprises talked about to something today where close to half of enterprise companies have set aside substantial budgets for at least some form of POC project. The more valuable and critically important use-cases we have, the faster the enterprise blockchain adoption we’ll see.”