Crypto Tech to Enhance Recycling Market
Wednesday, September 4, 2019 - 15:22:47
There are a number of obstacles to efficiency and sustainability within the recycling market, most of which will not be apparent to consumers who are the end users of such services.
When old mobile phones, unwanted gadgets and waste materials are sent to be recycled, they enter into a complex trading ecosystem, with different organisations buying and selling what is on offer in an attempt to turn a profit.
Now a trial conducted by the Recycling Association suggests that the use of a cutting-edge blockchain-based solution, similar to the kind of system which supports cryptocurrencies like Bitcoin, could be significantly beneficial to the trading of recyclable materials.
Known as Traca, this software has been developed to dramatically increase the amount of information which is available to all of those firms involved in the recycling market. Developed with government funding, the idea is that it will be easier for materials to be traded because there will be no question about the quality, source and value of everything involved.
Furthermore, the use of blockchain technology will mean that there is much less of an administrative overhead involved in the recycling market, making it faster and simpler for trades to take place with none of the uncertainty or margin for error that used to be the norm.
Accuracy is important in every type of marketplace, and it is even more relevant in the recycling sector because of the sheer number of different organisations involved.
Another reason for this change is that recyclable materials are often shipped overseas to be processed rather than kept in the UK. When it comes to keeping information consistent and detailed across international boundaries, using a blockchain-based approach will clearly have major advantages over the alternatives which have been unavoidable in the past.
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