While blockchain technology and crypto tokens have long been associated with tongue-in-cheek meme coins and massive amounts of electricity use, a public-private partnership in Singapore will seek to use the technology to turn plastic waste into a tradeable commodity, according to an ACCESS Newswire press release on Morningstar.
Officials in Singapore announced a potentially revolutionary collaboration that would harness multiple cutting-edge technologies to track plastic materials throughout their lifecycle, according to a press release.
The program is part of Singapore's Zero Waste Masterplan, which has the mission of creating a circular economy that, among other things, would drastically reduce plastic waste. Singapore has expressed hope that its program will serve as a model for other nations in the region and around the world.
The groundbreaking partnership has brought together Security Matters PLC, known by the acronym SMX, and the Agency for Science, Technology and Research, or A*STAR, which is "Singapore's lead public sector research and development (R&D) agency," per the press release.
The endeavor represented "a strategic collaboration to pilot a national plastic circularity platform in partnership with leading brands, producers, manufacturers, waste collectors, recyclers and retailers," the announcement said.
"This partnership combines SMX's chemical molecular marking technology, patented reader and blockchain-based traceability platform with A*STAR's cutting edge digital, advanced chemical spectroscopic detection and profiling research capabilities, creating an intelligent system to permanently mark, track and analyze plastics through their entire lifecycle – from manufacturing to recycling," the press release explained.
Though highly technical in nature, if successful, the program's outcome would be a drastic reduction in plastic waste. This would represent a win not only for the environment and public health, but also for the economy.
According to the press release, Singapore currently incinerates 94% of its plastic waste while recycling only 6%. Not only does this cost the island nation $21 million annually in incineration costs, but it also destroys valuable, reusable plastic resins with an estimated market value of $58 million.
If the program were to expand across the 10 countries that make up the Association of Southeast Asian Nations, the economic value could reach as high as $3.26 billion annually.
The problem of plastic waste is hardly limited to Southeast Asia.
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The upfront cost 💰 According to the International Union for the Conservation of Nature and Natural Resources, the world produces over 500 million tons of plastic every single year, a figure that continues to rise. Of that amount, an estimated 22 million tons end up in the environment as plastic litter.
Unlike materials like paper, when plastic enters the environment, it does not biodegrade. Instead, it breaks down into smaller and smaller particles known as microplastics and nanoplastics.
Researchers have found microplastics permeating every corner of the globe, including even our own vital organs, which threatens human health as well as food and water supplies.
To meaningfully reduce plastic waste will require massive collaborations between governments and industry, such as the announced partnership between A*STAR and SMX.
However, there are also steps that you can take at the individual level to reduce plastic waste. For example, by choosing plastic-free options for everyday products and supporting brands that use plastic-free packaging, you can cut down on your own plastic waste while sending a message to companies that using less plastic will help boost their sales.
"True circularity is driven by smart execution and adaptability," said Haggai Alon, the founder and CEO of SMX, per the press release. "This is the first stage of a long-term plan anchored by molecular traceability that converts waste into a verified commodity, and through the Plastic Cycle Token, a market instrument engineered to supersede traditional carbon credits with something measurable, auditable and economically useful."
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