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Blockchain technology has been proposed and is being experimented with for all forms of supply chain applications, especially for verifying the origin of materials, commodities, food or commodities
.
Covestro
The ultimate goal of the collaborating parties is to create an open standard for sharing data on the origin of resins or materials, which is critical for moving to a circular production model
.
The three companies created the "Circularise Plastics" consortium to develop and pilot the system
.
In response to emailed questions, a Domo spokesperson wrote: “Having this standard will increase transparency across the plastics value chain
.
Burkhard Zimmermann, head of Covestro's polycarbonate sustainability and digitalization strategy, said in a statement: "For material suppliers, processors and molders, participating in this Confidence in your production process
.
Here's how it works
Here's how it worksThe system proposed by Circularise Plastics (PDF) creates a "digital carrier" for a physical product (such as a bag of resin) that can track information about the actual material (such as batch number, content analysis, and even whether the substance is recycled)
.
“We are creating a digital world,” said Mesbah Sabur, founder of startup Circularise
.
Where does blockchain come into play? It's the ledger through which we can track and verify the digital carrier as the actual material moves through the value chain from producer to mold maker to OEM
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Ultimately, product manufacturers can use digital documents tracked in the Circularise Plastics system to verify the environmental certification of materials
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Otherwise, very few people have access to information about plastics beyond the first-tier suppliers, Sabur said
.
In an FAQ about the project, the alliance partners wrote: “The three parties have done some work on recycling for easy recycling
.
However, more than 80% of plastics are also incinerated or dumped in landfills, and they more potential
.
"
In addition to this six-month Circular Challenge Accelerator Program, Circularise is backed by chemical giant BASF to further advance the solution
.
The program will continue to be managed by cleantech incubator Greentown Labs
.
It has already helped one of BASF's customers, Stanley Black & Decker, to create a method for tracking plastic components
.
Judging from the data, the company's main source of funding is grants from the European Union
.
The coalition's goal this year is to find more evidence for its approach to persuade more key members of the plastics economy to join
.
Circularise works with industry to build credibility
.
"This can only be solved in a very open, decentralized, neutral way
.
As a small company, no one is going to trust all of our data, " Sabour said
.
While much of the focus of the solution created by Circularise today is in the plastics industry and is still in its infancy, it could theoretically be used in other industries as well, he said
.
