Blockchain in the circular economy2 min read

The circular economy aims to solve the problems related to waste management, mainly in terms of recycling. The idea is that all materials are reusable and do not reach the landfill as waste, so it seeks to implement technologies that are able to enhance it.

When a company adopts this model, it generates a reduction in its environmental footprint, since its activities are cleaner and have lower infrastructure maintenance costs. As it is an alternative way of managing natural resources and reducing polluting emissions during their useful lives, it is necessary to implement new technologies to create added value to waste materials.

In this article, we show you how blockchain could be implemented in a circular economy scenario and what its advantages are compared to traditional resource allocation methods.

 

Blockchain and the circular economy

Blockchain has the potential to enhance the circular economy in several ways thanks to its intrinsic characteristics:

Transparency

Blockchain technology creates a level of trust that previously did not exist in business transactions, allowing organizations to share information openly and collaborate more easily across borders.

Thanks to this transparency and the environment of trust it creates, the time spent verifying information and data provided by different members of the chain is reduced.

 

Traceability

The transparency mentioned above will improve the traceability of products and services, as well as carbon emissions, resulting in greater sustainability.

Thanks to blockchain, evidence can be provided on the origin of products, how they are grown, and all the way to the end of the supply chain.

 

Control

The different supply chain members have greater control over product information as data is recorded in immutable ledgers that cannot be tampered with, ensuring that details about the provenance of products remain intact at all stages of production and delivery. This provides access to data that would otherwise be difficult or expensive to obtain.

From the records generated by all members of the chain with the transparency provided by blockchain, it is possible to implement intelligent auditing systems and to evidence and monitor whether organizations or governments comply with environmental regulations.

 

Blockchain technology is being increasingly implemented in society and in different sectors, and its integration into circular economy systems or sustainable production lines can determine future trends for companies to follow.

 

Do you have a business? Would you like to validate the potential of blockchain to make it more profitable and efficient?

At iCommunity, we know that the key is not to invest to invest in revolutionary systems, but to study in depth the needs of companies, assess the possibilities, and evaluate the return that each innovation will have.

Our solutions provide real benefits, which can boost your company by making it more profitable and competitive.

Tell us about your project and we will advise you without obligation.

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2023-02-02T12:45:45+01:0015 de December de 2022|Industrial, Sustainability|
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