Blockchain based recycling initiative to benefit third sector
RecycleToCoin, a recycling initiative for plastic bottles and aluminium cans, uses blockchain technology to benefit consumers and environmental causes
The RecycleToCoin system is a world first – providing the public with a cutting-edge incentive to recycle waste. Aimed at single-use plastic bottles and aluminium cans, the solution leverages a blockchain based mobile app, alongside physical machines and designated collection points, to allow the exchange of recyclable waste for BCDC tokens. The tokens can then either be exchanged for an eGift Card via their partner GiftPay or exchanged for other cryptocurrencies.
They also have a partnership with Plastic Bank, which allows those who use the scheme to donate their earned tokens to help in the fight against pollution and poverty. RecycleToCoin buys back these tokens on a monthly basis helping Plastic Bank to further its essential work.
The central collection point scheme will be offered via participating charity shops from December (the scheme will officially launch prior to the BCDC token sale), with reverse vending machines arriving in Glasgow and Manchester by February 2018.
Thanks to partnerships with participating stores in the UK and globally via their partners, this system promises to offer a realistic incentive to take care of the environment.
The need for this initiative is clear for all to see. The problem with plastic is that it is not biodegradable and as pieces enter our oceans, they fragment into smaller and smaller chunks but never degrade into simpler compounds. Tiny toxic particles are absorbed by marine animals and transmitted up the foodchain, directly harming wildlife and humanity. According to Nottingham University, drinking a bottle of water is as damaging to the world as driving a car for one kilometre, and with only just over a third (35%) of bottles in the UK recycled, most are still disposed to landfill, which isn’t sustainable. Indeed, many ’discarded’ bottles become environmental pollution and can be found in hedgerows, parks, streams and rivers. Via rivers they can be transported to the open seas.
RecycleToCoin has a clear timeline of activity. BCDC is presently partnering with and seeking future global charities to utilise app-based collection points within these stores. In 2018, the aim is to install RecycleToCoin recycling machines in major cities, universities, hospitals and charity stores worldwide. The goal is simple – to incentivise and reward people for recycling and allowing them to access investments into renewable energy projects via the BCDC Tokens on EcoChain – BCDC’s flagship environmental and humanitarian project.
A video explaining RecycleToCoin in more detail can be seen here.
Gordon Cowan, CEO of BCDC, commented: “RecycleToCoin is a much-needed and exciting project that we’re very proud to be launching. The problems with plastic bottles and aluminium cans are well documented. The pollution they cause is rife and the impact to the world around us is dramatic. Instead of simply highlighting the need for change by raising “awareness”, we’ve set about to do something about it.
“We see blockchain technology as the next big step for the third sector, allowing much needed capital to get to the right people, quickly. The token sale is well underway, raising the investment needed to roll out each of our environmental projects, EcoChain, FoodTrax and of course RecycleToCoin itself. We’re excited to see the project come to fruition and looking forward to working with all charities, partners and token purchasers themselves in the near future.”