Plastic Bank sets up schemes to collect and recycle plastic waste in areas with high pollution rates, to be recycled and used by manufacturers. The social enterprise uses blockchain to track the cycle of recycled plastic, from collection, credit, and compensation.
Plastic Bank sets up recycling ecosystems in countries with high rates of poverty and pollution. These nations currently have no infrastructure in place to dispose of waste plastic.
The organization sets up local collection points, and citizens are employed to manage these systems. The company rewards residents who collect plastic from their local environment with tokens. Residents can use stamps for food, clean water, education, and more.
Plastic Bank makes use of IBM Blockchain to track the amount of plastic recycled and to track payments made to collectors.
David Katz and Shaun Frankson set up Plastic Bank in 2015. It has won several awards and so far, has been responsible for the collection of more than 14M kg of plastic waste.
Plastic Bank’s recycled plastic has been used in packaging by a range of brands, including Marks and Spencer and SC Johnson. It offers several options for brands and manufacturers to source materials and to become involved in its programs.
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