Waste Tracking on the Blockchain: How NVZN Is Revolutionizing the Way We Deal With Waste
Waste is a global issue. The World Bank estimates that overall waste generation will increase to 3.40 billion metric tons by 2050, and only 5.5% of our current generated waste is composted. Unless this problem is properly addressed, waste will continue to be an increasing threat to public health and the environment. It is a growing issue that’s directly linked to the way society produces and consumes. INVIZION is a project founded in the largest waste-producing county, the United States, and believes that with the help of blockchain technology, there is finally a solution to this global problem of waste.
Waste management is an essential utility service, regarded as a basic human right, and constitutes the backbone of society both in developed and developing countries, particularly in urban areas. Unfortunately, even in technologically advanced countries, proper standards of sanitation and solid waste management are rarely enforced — in particular because of outdated and highly ineffective methods of waste tracking.
In the 1960’s, Ford Motor Co. dumped more than 35,000 tons of toxic paint sludge onto lands in Ringwood, New Jersey, poisoning groundwater with arsenic, lead and other harmful chemicals.Today, years later, those toxins are still in the groundwater and threaten a reservoir providing drinking water to millions of residents of New Jersey. Tracking waste is currently mostly a manual or semi-manual process. The waste is produced and shipped to a place where it’s expected to be recycled or safely disposed of, but in practice this process is vulnerable to human error or ill-will on almost every step. To put it simply, it’s far too easy for corporations and individuals to make profit by tampering with the waste tracking systems, and dispose of waste in the cheapest, and most unsustainable way possible. These methods of disposal are actually spreading toxicity like wildfire and causing chemicals to trickle into water intakes, such as nearby rivers and lakes, which eventually end up in the ocean or our tap water at home.
To solve this pressing issue, INVIZION provides an innovative solution that combines DeFi (Decentralized Finance), IoT (Internet of Things), and Blockchain Technology. The core idea behind DeFi is removing the human element of a process and replacing it by utilizing smart contracts and blockchain. INVIZION applies this philosophy to waste tracking by storing the entire lifecycle of waste on the blockchain. When waste is produced, NVZN tokens are used to give it a certificate of origin. From there, every movement of waste can be easily recorded on the blockchain with the help of IoT devices, up until it’s safely and properly disposed of.
Using IoT to track packages is already a standard practice amongst tech giants such, as Amazon. INVIZION aims to apply this concept to tracking waste, all while improving it and making it easier and more efficient. All suppliers, orders, invoices, shipments and quality checks are secured on the blockchain using smart contracts. The current method of waste tracking is outdated and almost encourages environmentally hazardous handling of waste. It is almost nonsensical in comparison to the far superior method provided by INVIZION, which is applying innovative technological solutions to waste tracking for a simpler, cleaner, and better planet for all.
