While blockchain is often closely associated with payments and enterprise use cases, it can be used in an unlimited number of ways. One company which is using blockchain to help save the environment is Universal Plastic.
Universal Plastic is a scientifically supported (Bazaruto Center for Scientific Studies) Artificial Intelligence (AI) and Blockchain-Based initiative which aims to remove plastic from the world’s oceans.
It has developed the first tech platform to quantify, audit and notarise data from plastic waste collections. This aims to regenerate marine ecosystems by incentivising plastic waste collections led by local communities.
Through the data management of this process, its platform provides an inclusive, accessible, and trustworthy way to align corporations with ESG by connecting and engaging them with local individuals, communities and organisations that are at the forefront of restoring nature.
Using blockchain to promote the blue economy
Speaking at the recent London Blockchain Conference, Alvaro Bravo (CEO of Universal Plastic) said that his goal is to offer companies the possibility to integrate into the blue economy.
‘Our Ocean Authorised Digital Asset (ONDA) is generated while waste collectors register data on our application while collecting plastic. So we take this data and sell this ONDA to companies which want to integrate it into their commercial activities. And this ONDA has a lot of communication properties and ESG reporting properties that help save time and enhance the company’s sustainability efforts,’ he said.
Bravo explained that this all forms part of a goal to help regenerate the world’s oceans. This includes more than 500 different variables which are collected and considered, he said. ‘On one side, we use the data to apply scientific and AI solutions that help to increase efficiency in the way plastic is collected. On the other hand, we are giving veracity thanks to the use of blockchain.’
‘We have developed our own measurement report and verification system, which provides full insights and a verification level that adds a lot of value to the ESG reporting of the company. So in this way, companies can be sure they are using the money to create a real positive impact,’ he said.
Bravo added that Universal Plastic’s app allows companies to communicate with their consumers about their sustainability efforts easily. They can also use it for their ESG reporting in real-time, he said. ‘Because every time an ocean defender collects plastic, it instantly can arrive at the client. So this is something really powerful, real-time communication about what is happening in our ocean and how companies are solving this plastic crisis.’
Using the BSV blockchain
After evaluating the different options, Bravo said that he and his team opted to build on the BSV blockchain as it is the most efficient proof-of-work blockchain and the most scalable one, Bravo said.
‘It helps us to verify that the process is happening and we are not scamming (people). We are using the money of the companies to make a real impact,’ he said. Bravo added that the company is also integrating AI to improve this process. ‘With AI, we can move fast. We can make it efficient. We have the capabilities of solving this ocean crisis,’ he said.
