Social Plastic
Launched in 2015, Social Plastic is a blockchain-enabled program that turns plastics into premiums. Upholding the UN Sustainable Development Goals, the value of recovered plastic is essentially transferred back to collectors, most of which take part in emerging economies. Verified by parent company Plastic Bank, collectors of ethically sourced plastics, as well as their communities, are rewarded with a premium payment known as Plastic Bank Rewards. External businesses seeking to source recycled plastics can partner with Social Plastic, allowing more collectors to take part in the program. These businesses, as well as individuals seeking to neutralize their plastic footprint, can accumulate Social Plastic Collection Credits. These credits allow disenfranchised communities to exchange their plastics for currency, incentivizing the collection and recycling of plastic. Using the Plastic Bank app, Plastic Bank Rewards are authenticated and distributed using blockchain technology so as to ensure that the delivered currency is safe and transparent. In addition, Social Plastic employs a proprietary blockchain backed by IBM to track the journey of the ethically sourced plastics through the supply chain from collection to the final product. While Social Plastic ensures transparency and security in each of their transactions, it is unclear how the disenfranchised communities they partner with for collection are able to access the digital technology needed for each collector to effectively utilize their blockchain and rewards app to the fullest extent. Nevertheless, social enterprises similar in nature to Social Plastic greatly benefit from the safety and trustworthiness of blockchain technology, reducing any doubts that critics and onlookers may have about the workings of their operation.
Social Plastic – Recycled Ocean Bound Plastic. (n.d.). Retrieved from https://plasticbank.com/social-plastic/
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Blockchain, Climate Change, Internet of Things, Lifestyle, Pollution, Psychology, Regulation
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