Blockchain: Environmental Progress on the Horizon
Towards the end of Manuel Stagars‘ excellent documentary ‘The Blockchain and Us‘, Alex Tapscott, founder of Northwest Passage Ventures and co-author of ‘Blockchain Revolution’, makes a frank statement about the future impact of cryptographic networks. “Blockchain technology,” he admits, “is not the solution to all the problems under the sun. As it matures, we will begin to see its potential benefits, but also its limitations”.
‘Hype’ is a modern-day intoxicant and a lot of us blockchain-nuts are drunk on it. Phrases like ‘paradigm shift’ and ‘technological revolution’ are exciting and perhaps appropriate. But Tapscott and other crypto-realists are right to remind us that all paradigms have their limits. The blockchain is not unique in this regard.
We can, however, begin to assess its potential by acknowledging the true novelty it brings to the way we interact. The digitising of assets onto a nonstop and borderless network is an irrefutable game-changer, partly because it dramatically increases the reach of the global economy; connecting companies to hitherto unreachable markets and investors.
And while the expansion of accessibility will not solve all problems under the sun, it could help fix the chief concern of our generation, that of the environment.
Rising Up
In the last decade, we have witnessed a skyrocketing in the abundance of smartphones and internet connectivity in third-world countries. Nevertheless, according to the World Bank, 74% of the world’s population does not have access to even the most basic banking services. These consumers are limited to local cash and trade markets.
As one only needs a smartphone and internet connection to trade on blockchain networks, they provide consumers without conventional banking services the opportunity to perform transactions outside of the limits of their local cash markets (including international companies and persons) instantly and securely.
In theory, I could say, deposit a charitable donation directly into the digital wallet of a person who needs it in Africa, and it would be there in an instant. This example merely scratches the surface.
The Problem of Plastic
One of the biggest problems facing third-world countries is plastic pollution insidiously gathering on and around their shores. By creating projects that incentivise these populations to recycle, we can make huge steps towards correcting the problem. In countries like Thailand and Haiti where it is rife, there is a glaring lack of recycling schemes — either through want of interest or lack of resources.
Thankfully, eco-ventures like Plastic Bank have pioneered ‘plastic-activism’ projects where people can gather plastic from their oceans and shorelines and exchange it for cash. It is a means for anyone to go out and collect enough plastic to support their family and send their children to school.
After successfully launching their first full program in Haiti in 2016, the firm saw an enormous opportunity with blockchain technology, and they began working with IBM to build a global platform using Blockchain & Hyperledger Fabric. Soon in Haiti, Philipines, Brazil and Indonesia, locals will be able to receive digital currency in exchange for plastic they salvage. Their money will exist in digital wallets accessed by cryptographically generated private keys and be exchangeable for goods in Plastic Bank stores.
By creating a global blockchain platform and digital app currency, Plastic Bank can send and receive funds of any size across borders to any of their international Plastic Bank subsidiaries — no matter how remote — without the remittance fees or delays of ordinary international transactions. By eliminating these, blockchain will radically expedite Plastic Bank’s growth.
Digitising the currency will also remove security expenses and corruption headaches, as the cash-filled safes required for daily operations will no longer be needed. In short, faster growth and better security will result in more viable operations. In a domain where time is quite simply of the essence, Plastic Bank, by employing blockchain technology, will be able to recycle more plastic, sooner; all while providing valuable employment to the disadvantaged.
What else can we do?
At the Blockchain Development Company, we think there are countless other opportunities to use blockchain in this way. We too are interested in schemes that can both resolve environmental issues and make people money.
By the middle of 2018, BCDC will launch our renewable energy initiative EcoChain. It will use smart contracts and wallet technology to allow anybody — alongside high-level and institutional investors — to invest in and get a financial return from privately financed renewable energy projects. Like Plastic Bank, we will use blockchain to connect to markets in remote areas, but from the outset, we will use it to reach to a wider class of environmentally conscious investors.
Before our Token Sale on September 26th, our own plastic recycling project — RecycleToCoin — will launch, giving investors an opportunity to experience the power of our platform. The application will provide a cryptographic token reward for the return of single-use renewable plastic and metal drinks containers. Thanks to our network of central collection points and partnership with the Reverse Vending Cooperation, these exchanges will be performable using any of their reverse vending outlets or involved charity stores.
We are also delighted and very proud to announce an exciting new partnership with Plastic Bank themselves. Plastic recycled through the RecycleToCoin scheme will be rewarded with BCDC Tokens which can then be donated directly to Plastic Bank. We will then buy the tokens back from Plastic Bank for the open value which will give them a further cash revenue to help them in their superb cause of fighting poverty and oceanic plastic pollution.
Innovatively, BCDC tokens can, in turn, be invested into our EcoChain renewable projects. Think about that for a moment. The waste plastic itself fuelling a renewable future that also generates a financial return.
Any questions? Follow us on social media, where we will be shortly announcing the date of our Reddit AMA.
Help us steer the environment to a cleaner, more renewable future, and help yourself in the process. Find out more about EcoChain and BCDC through our website and white paper.
James Orme
