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Blockchain's Promising Solution to Our Planet's Waste Crisis

Updated: Oct 18, 2023

By Jaya Bijoor

We extract over ninety billion tons of resources annually from our planet. According to the United Nations Environment Programme Global Resources Outlook 2019, researchers

expect this number to double by 2050 as the economy grows. As a planet, we create more waste the more resources we extract. If we cannot find a way to manage this waste, then

our environment will degrade even further. For instance, according to a 2016 report by the Ellen MacArthur Foundation in collaboration with the World Economic Forum, it is estimated that by 2050, there will be more plastic waste in the oceans than fish if current consumption and disposal patterns continue.

Over the last twenty years, there has been much amplification of the need to recycle plastic waste, but the results have been poor. Only 9 percent of all plastic waste has been recycled,

according to an article in National Geographic. About 12 percent has been incinerated, and the rest—79 percent—accumulates in landfills, dumps, or the natural environment. Other than one’s conscience, there is no real incentive to push people to recycle plastic. But with blockchain, it is possible to create attractive incentives. We can create tokens on the

blockchain that can be issued to individuals and organizations when they recycle or collect plastics from rivers and oceans. Entities can sell these tokens on exchanges for real money,

rewarding people for their conservation efforts. With time, widespread behavioral change can occur with proper incentives and rewards.



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