The global waste and resource crisis necessitates a focus on better and more sustainable monitoring and management of waste.
Now, waste streams that were once sent to landfill or incinerated are reused, recycled, or recovered. To ensure the compliance of these activities, and to negate greenwashing, for example, blockchain-secured digital ledger technology is increasingly deployed to ensure visibility and compliance of the players and processes. By offering clarity on the property rights of products and wastes, supporting both legal and policy goals by incentivizing sustainable waste management, and maintaining anonymity and privacy for both institutions and individuals.
In practical terms why blockchain, or blockchain DLT?
Blockchain DLT is rapidly becoming the default global technology to monitor and manage complex extended waste management supply chains.
The qualities sought and published in numerous academic whitepapers are security, safety, tamperproof governance, transparency, shareability, scalability, and interoperability. The challenge in the industry is to deliver the underlying web 3.0 development tools that deliver to the potential but have so far been lacking. Needed is a Tier One blockchain architecture that enables the real-time sharing and updating of asset information by securely and scalably linking transactions in a decentralised, peer-to-peer network; that is Open Source, Turing Complete and therefore designed to ensure that data is trackable but not-hackable with transactions of high velocity and maximum throughput.
What do we mean by TRUSTLESS?
Another way to imagine blockchain is as a distributed ledger that removes the requirement for a trusted third-party to audit transactions; as Blockchain technology timestamps transactions to the nanosecond at a known place between two verifiable identities. This simple capability to share certifiable documents with verifiable provenance allows computers to automate and decision-makers to make decisions with surety.
Blockchain adoption is now global and its waste management use cases are developing rapidly in many different fields. Measurement. Verification and Reporting of carbon use and other key metrics can drive the reduction in wasteful processes and incentive positive behaviour.
How do we test this new technology?
The myth is that blockchain requires rare and expensive talents, that consultants will bamboozle you and shoehorn expensive enterprise use cases despite a shared digital infrastructure being unnecessary and trust not missing from business systems.
Notwithstanding, blockchain ecosystems open doors to the wider sharing of data within and without the company environment, allowing data to be shared from source anonymously and bringing next-generation connectivity to IoT and the cyber environments.
“Blockchain in a Box” is now a reality – small computers, wearable IoT and downloadable software that enable businesses to design and test use cases with a show kitchen templates that can be readily refashioned. The blockchain software can be downloaded and operated as Software-on-a-Chip (SoC) connected to a home router to deliver WEB 3 security for transacting on the inter-and intranet.
With the fast-growing global recognition of the enormous potential of blockchain, and with IoT, 5G, AI, ML and 3D print technology advancing so quickly, there has never been a better time to learn more about how this exciting technology could help you.