Cognition Foundry and The Plastic Bank are developing a Blockchain implementation on LinuxONE to manage financial transactions that underpin an initiative to alleviate extreme poverty and ocean plastic.
With more than 8 million tons of plastic entering the ocean every year – more than a garbage truck full of plastic every minute of every day – The Plastic Bank saw an opportunity to change the world by transforming plastic from waste to something valuable (i.e. “digital currency”). The Plastic Bank has set up a platform in underdeveloped nations where recyclers collect and bring plastic to a Social Plastic recycling market, and exchange the plastic for cash, items, or services. The collected “social plastic” is then sold to brands to use as an ethically sourced plastic in their manufacturing.
Working with Cognition Foundry, the Plastic Bank leverages the best technology, allowing them to grow exponentially while maintaining security of transactions. Blockchain provides trust in an industry that has been fraught with corruption and danger; it provides trust to “recyclers” that their data is safe, they are safe, and their finances are safe.