Saving the world’s oceans – Possible with the Blockchain?

Plastic waste in the oceans is one of the most urgent environmental issues of our time. Nevertheless, the countries of the world in particular have not yet found a way to deal with this issue – not least because none of them feels responsible. The Plastic Bank initiative presents a solution based on blockchain technology. Could this be the salvation of the oceans?

In many areas, blockchain technology is already in the focus of authorities, companies and NGOs. Environmental organisations, on the other hand, are often less euphoric about decentralised technology. This is primarily due to Bitcoin, the first and still most important application of the blockchain. The mining process, in which transactions are processed and new units of the Bitcoin are created, consumes an extremely large amount of energy. Depending on how the energy is generated, this can be a burden on the environment.

Everyone can help to make the Bitcoin profit review

The proposal presented by Shaun Frankson and David Katz at the Me Convention in Stockholm on 5 September could change this. The two Canadians are the founders of the Plastic Bank initiative, which has set itself the task of saving the world’s oceans. They want to use blockchain technology to gradually break down the Bitcoin profit review plastic waste that has been spread across the oceans in recent decades by human consumption.

Bitcoin profit scam makes it possible

Founded in 2013 in Vancouver, Canada, by environmental activists Shaun Frankson and David Katz, Bitcoin profit scam is committed to stopping the flow of plastic into the oceans. To do this, it wants to persuade a billion people to actively combat the production of plastic waste. The name Bitcoin profit scam is not chosen by chance – Frankson and Katz want to monetarize plastic waste in the style of a bank. The collectors of plastic waste should be made aware of the value of the good by being compensated for the amount of garbage with a countervalue.

This is where the blockchain solution comes into play. To illustrate the value of the plastic, collectors should be able to convert it into blockchain-based assets or tokens. In order to get the most out of it for the environmentalists, the reward for plastic waste is significantly higher than the usual retail price. The exchange of plastic waste for money helps with recycling. At the same time, the poverty of the local population is being combated, especially in countries and regions that suffer particularly from plastic waste.

Environmental protection and poverty reduction in one: The initiative wants to finance the plastic purchases with a surcharge on the recycled product. This, in turn, is labelled Social Plastic and thus labelled as supported by the Plastic Bank. Anyone who purchases a product that contains a piece of Social Plastic not only contributes to saving the world’s oceans, but also to fighting poverty. The more people who take part in the campaign, the greater the incentive for collectors of plastic waste.

The initiative has already achieved its first successes. The project started in Haiti in 2015, and one year later they expanded their field of work to the Philippines. In order to put the project on a sound footing, Plastic Bank also worked with the US technology group IBM at an early stage. This allowed them to benefit from IBM’s blockchain expertise and build their own blockchain application on the LinuxOne system.