Plastic Bank Recycling Ecosystems, powered by Blockchain
Co-Founder and Chief Technology Officer
Plastic Bank® empowers the regenerative society. We are helping the world stop ocean plastic while improving the lives of collector communities. Plastic Bank builds ethical recycling ecosystems in coastal communities and reprocesses the materials for reintroduction into the global manufacturing supply chain. Collectors receive a premium for the materials they collect which helps them provide basic family necessities such as groceries, cooking fuel, school tuition, and health insurance. Plastic Bank’s certified blockchain platform secures the entire transaction and provides real-time data visualization – allowing for transparency, traceability, and rapid scalability. The collected material is reborn as Social Plastic® which can be easily reintegrated into products and packaging as part of a closed-loop supply chain. Plastic Bank currently operates in Haiti, Brazil, Indonesia, the Philippines, and Egypt.
The Plastic Bank blockchain platform ensures a complete audit trail of every transaction and exchange - from the initial point of collection through to the reintroduction of Social Plastic® product on the retail shelf. Our proprietary platform secures transactions and provides real-time data visualization - allowing for transparency, traceability, and rapid scalability at every step of the closed-loop supply chain.
The Plastic Bank App maintains all operations from a global standpoint. Developed with IBM, the Plastic Bank App utilizes blockchain technology to ensure all plastic is ethically collected, reprocessed by partner processors, and sold to Plastic Bank partner clients. For the collector, the App provides a fair, reliable and transparent payment system while validating the identity of all members. For our partners, the App ensures a complete audit trail of every transaction and exchange - from the initial point of collection through to the reintroduction of Social Plastic® product on the retail shelf. Using the blockchain technology, Plastic Bank offers real-time data visualization and dashboards. With over 100,000 transactions processed, the Plastic Bank App offers access to a secure supply chain of recycled Social Plastic® feedstock, while storing authentic impact data and demonstrating environmental, social, and economic impact for brand partners.
Plastic Bank’s breakthrough, closed-loop recycling model allows the company to rapidly scale and enter new geographies. Recycling ecosystems are vertically integrated, ensuring that all stakeholders benefit at every step in the supply value chain. By working with local collection branches and processing partners, Plastic Bank is able to quickly gain the trust of communities and seamlessly establish operations that directly impact the lives of collectors and their families.
Plastic Bank collectors receive premiums for the materials they collect. When collectors deposit plastic waste, their digital ID is scanned, Plastic is sorted and weighed by material and colour, and then collectors receive market price for plastic and premiums that are automatically deposited into their digital bank account. This helps over 22,000 collectors worldwide provide basic family necessities such as groceries, cooking fuel, school tuition, and health insurance.
The material collected in Plastic Bank’s closed-loop recycling ecosystems are reprocessed and reborn as Social Plastic® to be reintroduced into the supply chain for the creation of new products and packaging materials. Global brand partners including Henkel, SC Johnson, Advansa, Carton Pack, and Hugo Boss. By integrating Social Plastic® back into the supply chain, these brands are building a regenerative plastic economy that is stopping ocean plastic and improving the lives of collector communities. Social Plastic® is regenerating ocean-bound plastic into environmental, social, and economic impact.