New Partnership Utilizes Blockchain Technology for Plastics Recycling

SEATTLE (Scrap Monster): New York-based companies RecycleGo and DeepDive Technology Group have announced a new partnership to use blockchain technology for plastics recycling. The application of the new technology is expected to increase the transparency and enable better decision making capability to the recycling supply chain, the companies claimed.

The ASTERI blockchain technology promises to provide plastics recycling supply chains with greater visibility into the origin and movement of goods. In addition, it offers accurate and timely data that will help supply chains address wide range of inefficiencies and risks. It allows for synchronized transaction among buyers, suppliers, shippers and other supply chain participants. The increased visibility will lead to better planning of resources and help the companies make informed decisions on pricing, purchasing, inventory management etc.

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In the initial phase of the project, collaborators would be offered an opportunity to better understand the entire lifecycle of a plastic bottle. The participants, by following the guidelines in this phase, could see up to 20% savings as a result of supply chain optimizations. Starting with plastic bottles, the technology will offer solutions to wider range of recyclable materials during the upcoming phases.