IBM Japan, Mitsui Chemicals and Nomura Research Institute (NRI) have announced a consortium to explore the uses of blockchain in plastic material recycling.
Around 400 million tons of plastic are produced each year, and of this, just 14%-18% is recycled globally, according to the World Economic Forum. Finding a way to reuse and recycle this waste is crucial to a successful circular economy.
The problem lies with the complex nature of the recycling supply chain. Manufacturers need to know the exact chemical composition used in production, which is difficult when using recycled materials.
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