Recently, DOMO and Covestro combined with Circularise to work for circularity in the plastics industry with the help of blockchain technology.
The main aim of the Circularise Plastics Project Group is to set up the standard for sustainability and transparency in this sector. DOMO and Covestro will talk about this project with the customers and find new partners to combine with them.
he CEO at DOMO, Alex Segers, said that progress towards global circularity goals could be accessed through tracking systems and registries. Blockchain is a great technology that can provide transparency in tracing the supply chain. If they get a standard for determining the origin, then the industry can communicate their sustainability practices with proof.
The Circularise Plastics process includes blockchain technology for end-to-end traceability from source to the consumer. This protocol will help in creating an industry standard and avoiding monopoly.
The strategy, sustainability, and digital head at Covestro, Dr. Burkhard Zimmermann, said that the participation of material suppliers and processors in Circularise is to raise the material value. They can add material passports to the plastic resins, colorants, additives, and produce any other material.
According to Mesbah Sabur, there is no need for verification as the system does it. A user need not rely on the central point but, the trust can be transferred from one centralized authority to the decentralized participants.
According to the partners, blockchain helps in getting traceability and transparency in the field of the plastics supply chain. There are three main aims of this project:
- Choose Circular: The objective is to make things easy to choose circular materials for suppliers, molders, manufacturers, and brand owners.
- Produce Circular: It aims to provide incentives to the suppliers and manufacturers that are producing traceable, sustainable, and circular products and materials.
- Make Circular: The objective is to share information about reversed logistics and returning of products, materials, and components.