What is Reward4Waste?
The simplification of the deposit return scheme using 21st century to revolutionise recycling
Reward4Waste is a project created by CryptoCycle™ which uses blockchain technology to make recycling easier with a transparent tracking system of bottles and the use of a consumer-friendly app to reward recycling.
We are certain that our Deposit Return Scheme (DRS) solution is the answer the UK Government are looking for to help bring an end the UK’s single-use plastic problem. By taking blockchain technology and using it to create unique codes for every bottle; this is a deposit return scheme that provides transparent tracking information for each bottle and will reward consumers for recycling.
What is a Reverse Vending Machine (RVM) and how can blockchain technology overcome the issues?
Reverse Vending Machines are used by 22 countries around the world to recycle waste. In a normal vending machine, you insert money to receive a beverage, in a RVM (reverse vending machine) you place the empty container into the machine to receive money (your deposit for that container) back.
Whilst it’s an excellent concept, RVMs have their issues. Firstly, they are very expensive to produce as the technology needed for them to recognise items requires up to seven cameras/sensors in some cases, and they are vulnerable to fraudulent activity e.g. through the insertion of the same bottle multiple times. So, makes them a costly and risky option for any government who are applying a monetary incentive to recycle.
By using blockchain technology and encrypted individual codes for each bottle fraudulent activity is prevented; bottles can only ever be returned once. Each bottle has a unique code and so can be tracked through its entire life cycle. Therefore, when the empty container is finally placed into the RVM the unique code is identified and the person who paid the deposit is rewarded, the transaction can’t be duplicated. This completely removes the possibility of fraud, making it a more economically viable and totally transparent system.
Reward4Waste makes the deposit return scheme process more efficient and more attractive to the consumer and retailer alike and has eliminated the possibility of fraudulent activity. It is a system that can be applied to the largest and most high-tech RVMs (reverse vending machines) to smart bins to over-the-counter redemption.
Using CryptoCycle’s™ SPARS (Smart Phone Activated Return Scheme) the technology in a traditional RVM is transferred to a smart phone app so any storage container has the potential to become a RVM at a fraction of the cost.
The benefits of Reward4Waste
- Potentially the UK’s largest reward scheme
- Simplified processes for retailers
- Flexible and transparent- easy to trust, optimise & adapt
- Secure and anonymised
- Data rich – high levels of traceability and transparency for a full product journey
- Elimination of fraud – the costs, complexities and the grey market
- Major cost reductions*
- 20-30% operating cost reductions (£100m+ per annum)
- 50-90% capital cost reduction (£500m – £1bn)
- Utilisation of current bin infrastructure
- Home DRS solutions with limitless packaging formats
If you want to get involved with our project, visit the CryptoCycle™ website and see how you can become a part of this ground-breaking project.
Trials and Activities needing your help
Reward4Waste will change the way our nation recycles, and part of the development process involves local trials and related activities to ensure everything runs smoothly when it is rolled out nationally and possibly globally.
Trials like these need funding support and we are currently launching a crowdfunding campaign to raise the initial £300,000 needed to progress our research and development. We intend to run two local trials in England and Scotland in early 2019. If you are interested in getting involved financially with Reward4Waste visit our crowdfunding page or the visit the CryptoCycle™ website to read more about investing privately.