Blockchain’s potential for environmental conservation is slowly gathering pace, and a German association BIOTA has launched its
‘Deposy’ project to explore the sector. Deposy, a play on the words ‘deposit system’, is using blockchain and internet of things (IoT) devices to incentivize plastic waste collection.
The organization aims to acquire plastic waste directly from the consumer instead of employing new methods of collecting the trash. The idea is that it can cut recycling costs and promote segregation of plastic waste.
So, what is the solution by Deposy? The project is using
IOTA, an open-source distributed ledger technology(DLT) platform and cryptocurrency, to process payments for recycling. One of the advantages of using IOTA is there are no transaction costs which makes it suitable for paying tiny amounts. Practically anyone can hand over plastic waste and get paid for it.
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