RecycleGo, the foremost recycling company, has joined forces with DeepDive Technology Group, a firm focused on delivering customers the most advanced solutions to meet their business needs, to usher trust, transparency, and improved decision-making through blockchain technology to the recycling supply chain business. Officially in development, this new blockchain product is all set to be built using Hyperledger Fabric, an open-sourced blockchain framework supported internationally by more than 250 members such as IBM, Intel, and DeepDive.
This new development comes as an answer to the ever-increasing demand for innovative recycling solutions that endorse environmental sustainability. Recent statistics convey that factories now produce approximately 400 million tons of plastic annually, which is only going to double-up by the year 2050. RecycleGO is establishing alliances with international household brands, many of which have devoted themselves to reaching 25% recycled content by 2025. According to Stan Chen, Eco-Entrepreneur and RecycleGO CEO, the market needs more recycled material, but presently, they don’t have enough content to support it. Consumers are just not recycling enough, and blockchain technology has the potential to be the single catalyst that can eventually help in resolving the issue and exploring the market, Chen elaborated.
Phase 1 of this multi-phase project will let project partners identify the complete history of a particular plastic bottle right from the point it gets made, collected, and finally transformed back to raw material form and shipped back to the manufacturer to create another plastic bottle. During phase 1 itself, participants in the recycling blockchain technology would be able to see 15-20% savings from supply chain optimizations. At the same time, big-brand producers can use data to, directly and indirectly, boost the availability of recycled content in a way that enhances the corporate brand image.
Chen stated that their ultimate target is to get from 8% percent recycling to 100% and now with the blockchain technology, it might just be possible. He noted that what they have is the world’s first comprehensive and inclusive blockchain solution that lets any type of material to be traced and every stakeholder can take part in the journey. According to Chen, “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.”
While talking about the initiative, Misha Hanin, technology trailblazer and DeepDive CEO stated that blockchain technology has evolved from being something almost no companies talked about to becoming something half of the enterprises have set aside considerable budgets for. Hanin added that the more critical use-cases they get, the quicker would be the enterprise blockchain adoption.
About RecycleGO
Founded in 2016, RecycleGO is a privately held enterprise that offers SaaS solutions to increase sustainability and lower operational costs. Their first application, the Carter Performance Management system, allows transporters to optimize routing and manage their assets while saving an exponential amount of time and money on operations.
For more information, visit: https://www.recyclego.com
About DeepDive Technology Group
DeepDive Technology Group is an association of the best of breed professional services firms which specialize in custom blockchain development, security, infrastructure, and cloud technologies. It was created with the aim of offering clients with the most advanced solutions to fulfil their business requirements, all the while making sure that innovation is not restrained by technical complexity.
For more information, visit: https://www.deepdive.tech
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