The prospect of enhancing sustainability with the application of blockchain technology has received a significant boost with innovative solutions.
FREMONT, CA: The brains behind bitcoin and blockchain might not have imagined that one day, their innovation will play a role in driving sustainability. Innovators across the globe are today applying advanced technologies and expertise to develop solutions that can contribute towards sustainability. Plastic has always been a point of concern when it comes to environmental safety. Today the potential application of blockchain technology is being considered to manage and streamline plastic circulation. Thus, blockchain is now a part of the growing set of sustainability technologies.
The potential of advanced technology is vast. Every industry has today adopted at least one technology to enhance business performance and efficiency. For blockchain, the adoption has been slow but steady. With companies formulating blockchain-based solutions for managing plastic circulation, there are going to be several market implications. The capabilities that come with blockchain include that of security and smart contracts. With information stored on inimitable ledgers, blockchain makes data exchange safe and reliable.
Applying blockchain to plastic supply chains, service providers are trying to enable multi-step processes whereby plastic source materials can be tracked with a substantial degree of accuracy. Given that the data would follow a blockchain pathway, only authorized parties will have access to the original information. The biggest advantage of such an approach is the standard of security it brings. Besides, blockchain eliminates the need for central authorities and thus helps end the monopoly of control. Only stakeholders will have control, building a secure network.
The plastics industry faces certain limitations as of now when it comes to standard protocols and effective communication. As these blockchain-backed innovations are developed further, the plastic industry can ensure transparency and contribute to sustainability. Every participant in the plastic supply chain, be it suppliers, manufacturers, or clients, will soon be entitled to attach and retrieve proof of material origin and facilitate accurate tracing.
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