Mitsui Chemicals, IBM Japan, and the Nomura Research Institute have decided to form a consortium for the establishment of a society for resource circulation. The consortium plans to conduct group study sessions with different companies, support field test sessions on the platform of resource circulation, share information and insight, and offer crucial advice to the companies that belong to the consortium or are not a part of it. Through the collaboration, the three companies also seek to develop open relationships with other groups and companies.
It is the primary objective of the consortium of three companies to advocate the use of recycled plastic on the basis of traceability. Another objective is to support and encourage collaboration among the stakeholders of resource recycling.The consortium also seeks to create a system of incentives for companies and people who contribute to recycling resources.
The three companies intend to put in individual and collaborative efforts to further the cause of the consortium. Mitsui Chemicals provides insightful information about polymers, monomers, and other types of plastic materials to augment knowledge and technology to recycle plastic. IBM Japan offers a blockchain-based platform for digitizing the method of processing waste products to create new recycled products.The company also aids in the blockchain-based digitization of the operational and collaborative processes among different firms in the supply chain to render traceability to the processes. Nomura Research Institute seeks to promote society and companies by utilizing its experience and insight in the digitalization and transformation of the business model and offering advice to government offices and industrial associations.
The consortium will provide assistance to market participants by hosting demo trials at the blockchain platform and conducting research sessions. It will also probe deeper into advanced blockchain technology for the development of improved techniques for recycling plastic.