Frequently Asked Questions
Here are some of the most frequently asked questions about Plastic Bank.
Plastic Bank utilizes a GDPR (data privacy & security) compliant, hybrid blockchain in which the key transaction data is stored in the blockchain and securely synced to Alchemy’s private database.
The energy efficiency is maximized by using Alchemy’s proprietary system rules to approve and secure transactions and data visibility, which eliminates the need for mining or other high energy usage consensus protocols common to public blockchains.
This hybrid solution ensures near real-time efficiencies, with GDPR compliance at the lowest energy cost possible while maintaining the immutable trust and security of blockchain.
Collection community members can view a record of their transactions in the Exchange History tab on the PlasticBank® App account which reflects a real-time recording of transactions between the collection member and the collection branch.
In addition, Plastic Bank’s ever-growing Alchemy platform and internal auditing processes contain a number of safeguards to ensure that the right people are paid the right amounts at all times.
Alchemy™ and the PlasticBank® app are built with GDPR compliance by design to always ensure the highest level of data security and data privacy. Plastic Bank has a global policy to hold each country of operation to the highest data privacy and data protection standards as set by the GDPR (General Data Protection Regulation) in addition to any localized policies that exist.
Plastic Bank’s Last GDPR audit and compliance certification was issued in March 2022 by Bureau Veratis Certification.
Plastic Bank can provide real-time, audit-ready traceability for Social Plastic and Plastic Credit Offsets with 18+ age verified registered members. This is enabled through certified PlasticBank® app-enabled locations throughout our supply chain, from input to output, in multiple developing countries at scale.
The PlasticBank® app is used to record the details of every exchange from our registered collection members to our branches, all the way to the processor who ships the materials for manufacturing. When the branch delivers the collected plastic to our processing partner, the processor issues a printed receipt showing the type and volume delivered to them. Alchemy and our Plastic Bank team validates the material received with the app recordings to unlock the bonus payments throughout the collection chain.
We continuously invest in, and leverage our multi-user, multi-function Alchemy™ technology platform to ensure everything we do is built for trust at scale.