The clear management of recycled plastic materials is very important because secondary plastic processing companies rely on information about where the plastic waste was collected and the composition of recycled materials. Such information given by primary processing companies also ensures that the materials do not contain other foreign materials that could damage the product or the processing facility.
A blockchain system offers a virtual ledger to each user connected to a network. When a change is made to one ledger, the same change is made to all other ledgers, making it almost impossible to hack or manipulate the network. Because of its characteristics, blockchain technology is ideal for monitoring the flow of money or products inside a financial or logistics network.
SK Geocentric said that the newly-adopted blockchain platform will help customers monitor and track the collection, processing, and production of recycled plastic materials. Data about end products will also include the composition rate of different materials. The information will be verified through non-fungible tokens (NFTs) which are digital tags for blockchain data.
According to the recycled plastic company, the adoption of the blockchain network will accelerate trade in the recycled plastic market and effectively distribute recycled resources. "We established this platform after recognizing that the trust between market-related people must be created in order to boost plastic recycling," SK Geocentric CEO Na Kyung-soo said in a statement on June 20.
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