Make sure your approach has positive, measurable impacts that can be brought to scale. Make sure it can reach at least a million people and make their lives measurably better. Paul Polak, social entrepreneur and author of Out of Poverty: What Works When Traditional Approaches Fail
To be brought to scale, Plastic Bank had to create a monetary system that could be securely transferred globally. That monetary system had to be dependable and easily incorporated into the lives of people living in poverty.
What arose out of this challenge is a fintech solution that powers the PlasticBank® app, currently serving collection community members globally. That technology is called Alchemy™, and it has helped Plastic Bank stop billions of plastic bottles from entering the ocean while improving the lives of collection communities.
What is Alchemy?
Alchemy is a platform that enables Plastic Bank to create rewards and benefits, trace the collection of plastic, deliver plastic credit programs, and produce audit-ready impact reporting for our partners. It is powered by an energy-efficient hybrid blockchain system that ensures security and trust in the recycling process, savings accounts, and income for collection community members. Members engage with Alchemy through the PlasticBank® app, which is how they exchange digital tokens, track their finances, and receive updates. If a member doesn’t have a smartphone, they are still part of the Alchemy system and a deposit is made to their account through their collection branch.
How Plastic Becomes a Currency
In many informal recycling communities, the commodity price of plastic fluctuates and the majority of plastic types are not accepted. As a result, plastic waste is either burned or dumped into waterways. Plastic Bank reveals the true economic value of plastic in order to make plastic too valuable to discard. Collection community members can exchange various types of plastic for a set price above market value.
This has created a system for plastic exchange similar to any other currency exchange. The PlasticBank® app uses blockchain technology to securely and transparently record transactions. The app’s digital wallet is often the first bank account that our members own, which allows them to save money and receive other benefits that Plastic Bank offers.
What is Blockchain?
Blockchain is most widely known as the technology that powers cryptocurrencies, but it can be used in many other ways. One of the main functions of blockchain is to secure and track assets and transactions in a business network. This means once it’s added to the blockchain, it can’t be modified. Plastic Bank’s Alchemy platform has special auditing tools to disqualify an erroneous or fraudulent transaction from our reporting systems, while still maintaining a permanent record of its existence. A new correcting entry can be made in the event that an error occurs, disqualifying the original transaction. Plastic Bank works with first-time phone users with very low levels of education and literacy. There are various features and processes in Alchemy to review and approve every transaction and verify its authenticity. Alchemy’s flag and approval mechanism within the internal auditing system prevents any immutable errors from falsifying the data.
The actual blockchain is created by each transaction being recorded as a “block” of data. Within each block is important information that answers things like the who, what, when, and where of the transaction. As new transactions occur, each block is interlinked to the one before it. When the asset changes hands, the blocks confirm the time and sequence of the transaction. With each new block, the strength of the blockchain increases, and as they are all linked together in a complex network, the blockchain becomes immutable.
How can Blockchain be Used
The technology of blockchain can be used in many different contexts in order to provide trust. Trust is foundational to UN Sustainable Development Goals like Poverty Alleviation (SDG #1), Industry Innovation (SDG #9), and Responsible Consumption and Production (SDG #12)
For consumers to be willing to make a change and get involved in processes that minimize negative environmental impacts, they need to trust that the organizations are telling the truth.
Plastic Bank uses an energy-efficient hybrid blockchain that eliminates the need for mining or other energy-intensive protocols. This blockchain allows Plastic Bank to provide a secure and complete history of everything that happens to each piece of plastic bottle once it’s entered our network.
Making Meaningful Impact
In relation to the quote at the beginning of this post, the blockchain-secured platform called Alchemy is what has allowed Plastic Bank to bring the vision to scale and help communities make their lives measurably better.
What can you do as an Ocean Steward?
Find out how much plastic you consume through our Plastic Footprint Calculator, then take steps to reduce that footprint.
Offset the plastic footprint of yourself, your family, or your community with our Impact Certificates.
Join the Plastic Bank movement. Check out our Partnership Programs to find out how you can get involved.
Have you ever wondered where all your plastic packaging goes? The fabric conditioner you used last week, the bottled water you thoughtlessly threw in the garbage, or the countless shampoo sachets you have used in the past month – do you know where all of these go?
Blockchain isn’t just for tech companies. Discover how this technology can provide unmatched transparency and trust in your ESG efforts, setting you apart in your industry.
Stopping plastic from entering the ocean made easy by selecting how many kilograms of waste you want our communities to stop from polluting the ocean for just US $1 per kilogram.
We use cookies to enhance your browsing experience, serve personalized content, and analyze our traffic. By clicking "Accept All", you consent to our use of cookies. View our Privacy Policy
This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
__stripe_mid
1 year
Stripe sets this cookie cookie to process payments.
__stripe_sid
30 minutes
Stripe sets this cookie cookie to process payments.
_GRECAPTCHA
5 months 27 days
This cookie is set by the Google recaptcha service to identify bots to protect the website against malicious spam attacks.
cookielawinfo-checkbox-advertisement
1 year
Set by the GDPR Cookie Consent plugin, this cookie is used to record the user consent for the cookies in the "Advertisement" category .
cookielawinfo-checkbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
CookieLawInfoConsent
1 year
Records the default button state of the corresponding category & the status of CCPA. It works only in coordination with the primary cookie.
PHPSESSID
session
This cookie is native to PHP applications. The cookie is used to store and identify a users' unique session ID for the purpose of managing user session on the website. The cookie is a session cookies and is deleted when all the browser windows are closed.
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Cookie
Duration
Description
__atuvc
1 year 1 month
AddThis sets this cookie to ensure that the updated count is seen when one shares a page and returns to it, before the share count cache is updated.
__atuvs
30 minutes
AddThis sets this cookie to ensure that the updated count is seen when one shares a page and returns to it, before the share count cache is updated.
lang
session
LinkedIn sets this cookie to remember a user's language setting.
mailchimp_landing_site
1 month
The cookie is set by MailChimp to record which page the user first visited.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Cookie
Duration
Description
_ga
2 years
The _ga cookie, installed by Google Analytics, calculates visitor, session and campaign data and also keeps track of site usage for the site's analytics report. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors.
_gat_UA-41277959-1
1 minute
A variation of the _gat cookie set by Google Analytics and Google Tag Manager to allow website owners to track visitor behaviour and measure site performance. The pattern element in the name contains the unique identity number of the account or website it relates to.
_gcl_au
3 months
Provided by Google Tag Manager to experiment advertisement efficiency of websites using their services.
_gid
1 day
Installed by Google Analytics, _gid cookie stores information on how visitors use a website, while also creating an analytics report of the website's performance. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously.
_hjAbsoluteSessionInProgress
30 minutes
Hotjar sets this cookie to detect the first pageview session of a user. This is a True/False flag set by the cookie.
_hjFirstSeen
30 minutes
Hotjar sets this cookie to identify a new user’s first session. It stores a true/false value, indicating whether it was the first time Hotjar saw this user.
_hjIncludedInPageviewSample
2 minutes
Hotjar sets this cookie to know whether a user is included in the data sampling defined by the site's pageview limit.
_hjIncludedInSessionSample
2 minutes
Hotjar sets this cookie to know whether a user is included in the data sampling defined by the site's daily session limit.
at-rand
never
AddThis sets this cookie to track page visits, sources of traffic and share counts.
CONSENT
2 years
YouTube sets this cookie via embedded youtube-videos and registers anonymous statistical data.
iutk
5 months 27 days
This cookie is used by Issuu analytic system to gather information regarding visitor activity on Issuu products.
uvc
1 year 1 month
Set by addthis.com to determine the usage of addthis.com service.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Cookie
Duration
Description
_fbp
3 months
This cookie is set by Facebook to display advertisements when either on Facebook or on a digital platform powered by Facebook advertising, after visiting the website.
bcookie
1 year
LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID.
bscookie
1 year
LinkedIn sets this cookie to store performed actions on the website.
fr
3 months
Facebook sets this cookie to show relevant advertisements to users by tracking user behaviour across the web, on sites that have Facebook pixel or Facebook social plugin.
lidc
1 day
LinkedIn sets the lidc cookie to facilitate data center selection.
loc
1 year 1 month
AddThis sets this geolocation cookie to help understand the location of users who share the information.
NID
6 months
NID cookie, set by Google, is used for advertising purposes; to limit the number of times the user sees an ad, to mute unwanted ads, and to measure the effectiveness of ads.
test_cookie
15 minutes
The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies.
UserMatchHistory
1 month
LinkedIn sets this cookie for LinkedIn Ads ID syncing.
VISITOR_INFO1_LIVE
5 months 27 days
A cookie set by YouTube to measure bandwidth that determines whether the user gets the new or old player interface.
YSC
session
YSC cookie is set by Youtube and is used to track the views of embedded videos on Youtube pages.
yt-remote-connected-devices
never
YouTube sets this cookie to store the video preferences of the user using embedded YouTube video.
yt-remote-device-id
never
YouTube sets this cookie to store the video preferences of the user using embedded YouTube video.
yt.innertube::nextId
never
This cookie, set by YouTube, registers a unique ID to store data on what videos from YouTube the user has seen.
yt.innertube::requests
never
This cookie, set by YouTube, registers a unique ID to store data on what videos from YouTube the user has seen.