SC Johnson to Pay In Cryptocurrency For Plastic DumpsOctober 30, 2018
The objectives of government policies are mostly focused on environmental practices in almost every nation in the world. Every nation is looking to live in a sustainable environmental process, and this is being discussed pretty widely at the UN level.
SC Johnson, US manufacturer, is looking to use blockchain technology to incentivize the society using blockchain technology for having played their part in sustainable environmental practices.
SC Johnson is the manufacturer behind the global cleaning products like Scrubbing Bubbles, Shout, Kiwi, Mr. Muscle, Glade, and Ziploc. They are looking to collaborate with Plastic Bank.
Plastic Bank is an environmental organization, who are mostly focused on reducing the ocean-based waste caused by plastic. They are currently looking to reduce plastic.
Five nations are contributing to the ocean dump. They are Thailand, Vietnam, China, Philippines, and Indonesia. These nations are in charge of more than 55% of the plastic that is dumped into the oceans of the world.
This project is set to begin in Indonesia for a start. About eight plastic collection sites are set up in the country.
The major idea behind the proposal is to reward the individuals for depositing their plastic waste in one of the regional collection centers. Rewards will be given in cryptocurrency. These cryptocurrency tokens can be used to buy goods and services. This kind of reward will act as a major incentive. The project is supported by blockchain technology. The threat from theft and loss is greatly decreased in this kind of incentive. And, since the blockchain technology is used in the process, the center continues to be accountable and transparent concerning the rewards program.
There are more than 28 million people who live below the poverty line in Indonesia. The incentive program, therefore, benefits a major demographic population. The first center opens in Bali late in October 2018. The operations will then be spread to the neighboring Asian nations.
The blockchain protocol that will be exactly used for this project is yet to be seen; however, reports state that the users will be able to gain access to their tokens through bespoke Plastic Bank mobile application.
This is welcome news for think-tanks in the environment. The ocean pollution is already spreading messages of disaster to the marine population. Marine Safe, a UK based NGO stated that more than 215 million metric tons of plastics had been dumped into the ocean already.
Cryptocurrency is portrayed as having a contributory role in reshaping the planet. This is not the first time that a leading organization has tried to use cryptocurrencies and blockchain technology to deal with global issues. Previously, in May 2017, UN announced that they were looking to make use of Ethereum blockchain to distribute the food rations by way of tokens issued to refugees who are living in Jordan. The elimination of the need for physical cash has greatly reduced donations getting to the wrong hands.
The amount of energy consumed in minting cryptocurrencies is more. It is said to contribute to a 2 degree Celsius increase in global warming by 2033.
With this being the start, it is hoped the murky environmental standards will be decreased across the globe. We need to witness the real-world effects.