“Waste management and recycling companies are utilizing this technology to reward people for recycling, solar energy generation, decentralizing energy and other waste management-related transactions.” Blockchain makes it easy for companies and public agencies to incentivize recycling and to better track waste on the journey from producers to the landfill.
Recycling is an integral part of waste reduction, only about 23% of the recyclable bottles in the U.S. actually get recycled and that percentage is probably much lower (though more difficult to track) in most developing countries. Most citizens know that they should recycle, but they are often confused about what is recyclable, aren’t sure how to recycle their items and are poorly incentivized for doing so. Blockchain waste management technology can help address the financial barrier to recycling by providing immediate currency to the recycler and it can improve transparency and accountability by letting customers trace their waste from their rubbish bin to the recycling facility and beyond.
How Blockchain can overcome deficits
- Fraud and manipulation:
With blockchain technology, it is important that the data entered are correct, since it is not possible to change it
Once something is entered in a blockchain, it is immediately safe. Since the guidance letters and weighing vouchers are digitally entered with a blockchain solution, they cannot be physically lost. Blockchain implementation is the right solution to overcome this problem.
3. Manual processes:
Blockchain technology itself does not directly offer the solution for automating data processing. However, it offers multiple options with the help of other IT solutions.
4. Lack of knowledge about technology:
Blockchain technology is not going to introduce a change in the current maturity of knowledge and expertise in IT.
5. Lack of control:
If organizations save the data using Blockchain and organizations ensure that this is done in the right way, it is possible to use the Blockchain technology as a “trust factor”. The data contained in it cannot be changed and if it is entered correctly you can guarantee that the information is reliable. This offers a solution for inspection services such as ILT, because everything is digital.
Harnessing blockchain technologies to drive sustainable and resilient growth and a new wave of value creation will require decisive action. The opportunities that blockchain offers need to be developed and governed wisely, with upfront and continual management of the unintended consequences and downside risks. This is a responsibility shared by all stakeholders – from the technology community (entrepreneurs, researchers, open-source developers and big tech) and industrial sector through to governments (policy-makers and regulators), international organizations, investors and community organizations. Establishing new global platforms to accelerate the creation of a “responsible blockchain ecosystem”, rather than just to incubate specific projects, would be a valuable and much-needed next step. It could support the development of effective blockchain solutions for environmental challenges, help ensure blockchain technology is sustainable (i.e. good for people and the planet) and play a crucial role in formulating the necessary governance arrangements.