1st July 2019 – CryptoCycle develops blockchain based solutions to incentivise behavioural changes in the circular economy. Reward4Waste is its advantaged deposit return scheme (DRS) for single use plastic beverage containers, driving higher capture rates, reducing costs and rewarding the consumer for doing the right thing.
Conventional DRS solutions require the consumer to store and return bottles to a reverse vending machine (RVM), usually found in a retailer or a designated recycling location. Although most drinks are consumed on-the-go, conventional DRS systems don’t allow disposal of them on-the-go.
With Reward4Waste there is no need to carry around or store empty bottles; its additional SPARS (Smart Phone Activated Return Scheme) technology removes the requirement for large costly RVMs, essentially replacing them with a smartphone app and a conventional recycling bin. This dramatically reduces the costs of a DRS and enables deposit points to be more widespread and accessible, potentially including home recycling.
Reward4waste is backed by cryptography and tokens to incentivise better recycling behaviour by making recycling on the go possible, returning the consumers’ deposit and facilitating additional rewards.
Chris Justice, President and COO of Atlas City, comments: “This is the start of a mutually beneficial and positive relationship for Atlas City and we are excited to collaborate with CryptoCycle on distributed ledger technology on DRS solutions and indeed any other circular economy solutions that may arise in the future.”
Tony McGurk, CTO of CryptoCycle, says: “Atlas City has the perfect platform for us to advance our Reward4Waste DRS solution and they share our commitment to improving local communities, the environment and using blockchain technology to influence behaviour to the benefit of business, consumers and the environment. I am confident this is the first of many projects that we will be working on together.”
CryptoCycle is about to launch a crowdfunding campaign with a raise target of £200,000 and is aiming to raise a total of £600,000 investment to take the project to trial.