How blockchain is being used in the circular economy – a look at 3 use cases

Circular economy refers to a style of producing goods and services while minimizing waste generation.

The idea of ​​a circular economy can be described with the three R’s:

• Reduce materials and waste
• Reuse of products
• Recycling of materials

The circular economy aims to transform the economy into one that is regenerative.

An economy that innovates to reduce waste and the ecological and environmental impact of industries before they happen, rather than waiting to take the consequences of these problems. This is done by designing new processes and solutions for the optimization of resources, and decoupling dependence on limited resources.

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SEE ALSO: 4 Blockchain Use Cases That Solve Africa’s Biggest Problems

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This is where more organizations are looking at blockchain.

Monochain

MonoChain is on a mission to use blockchain technology to keep $460 billion worth of clothing out of landfills each year.

MonoChain’s blockchain solution connects the primary and “second sale” markets, facilitating product reuse and helping to extend product life. For the end customers, they can see the provenance of the goods and their “value or “resale value” in real time and find out the best places to sell them.

This approach creates a concrete way for customers to resell or reuse their goods with simple solutions.

RemediChain

In the United States, $100 billion in medicines are destroyed annually, while approximately 32 million Americans cannot afford the medicine they need.

RemediChain disrupts the game and provides a solution by redistributing unused, still viable medicine to patients in need. This in turn helps people in need and reduces pharmaceutical waste.

The RemediChain platform encourages community members to caption a photo of their unused prescriptions. Once medications are identified, the platform generates a prescription donation form and link that covers shipping to the facility.

The platform, which uses the Ethereum blockchain, checks the quality of donations and tracks their provenance from source to destination – either to patients or to government-approved incinerators.

Bext360

Bext360, an agricultural startup, uses blockchain technology to better track and verify the authentication of critical supply chains such as coffee, cocoa, cotton, palm oil and recyclables.

The SaaS platform integrates the blockchain and quantifiable sustainability metrics to provide a traceable fingerprint from producer to consumer.

Because these products come from all over the world and are sold through global resellers, Bext360 also operates globally, with customers not only in the US and Europe, but also across Ghana, Paraguay, Somalia and many more.

IN conclusionthe three solutions above use blockchain technology in two main ways:

• Blockchain technology provides transparency and traceability of data across multiple systems, effectively facilitating the provenance of objects

• Blockchain technology helps to combat counterfeiting and its significant negative environmental and social consequences in terms of materials used

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RECOMMENDED READING: Uganda’s CryptoSavannah Launches Refugee Blockchain Identity and Cash Transfer Project in Partnership with CoinBase

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