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IBM and Plastic Bank using Blockchain for Haiti Recycling

October 7, 2018 3:00 PM
Plastic Bank, a Vancouver-based non-profit organization, is committed to improving the lives of impoverished people around the world and simultaneously brings an end of plastic pollution on the earth. To prevent the flow of plastic to the ocean, Plastic Bank rewards people who hand over recyclable plastic waste with cryptocurrency or Blockchain secured digital tokens. To do this, Plastic Bank provides a consistent, above-market rate for plastic waste, thus incentivizing its collection. Individuals who gather plastic can trade it for money, items or services. This is the way they teach people to learn the value of plastic. IBM and Cognition foundry have joined Plastic Bank on this issue to design an innovative solution, creating a secure and smooth reclamation process. The joint platform allows waste collectors to choose their payment token, either with a US dollar token or a native token. These tokens can be traded with the basic supplies directly from Plastic Bank.

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'Blockchain' is the name of first and most trusted global crypto currency company. Blockchain technology is a technology of record and transmission of data which is protected from all from falsification or modification since the start of a system. Most crypto currencies use blockchain technology to record transactions. The primary use of blockchains today is as a distributed ledger for crypto currencies, most notably bitcoin. As per IBM 2016 report, major portions of the financial industry are implementing distributed ledgers for use in banking at a rate much faster than expected.

At the beginning, Plastic Bank was approached by Cognition Foundry to form a partnership in which the Plastic Bank app and platform could be developed as a globally scalable enterprise system. After 2016, Cognition Foundry and Plastic Bank established the first Social Plastic recycling systems in Haiti. The pair further partnered with IBM to utilize some of the greatest minds and technologies available to make this as secure and dependable as possible. Presently, the team of Plastic Bank and IBM is utilizing IBM's Hyperledger Fabric enterprise standard. IBM collaborates with Digital Asset to create this tool which is presently hosted by Linux Foundation's Linux One server.

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