RecycleGo, a huge recycling business, has recently formed a partnership with the DeepDive Technology Group. This partnership has been established to bring more transparency and trust in the overall recycling supply chain businesses. This will be done using blockchain technology. Stan Chen, CEO of RecycleGo, has said that it is highly necessary to have visibility in the supply chain as it helps to get engaged in enterprise resource planning.
The firm RecycleGo has formed huge collaborations with a lot of international household brands. It has been specified that a lot of them have promised to reach around 25% recycled content by the end of 2025.
As per the firm, there is a huge demand for recycled material in the market, but the firm is not having enough content to fulfill the demand. The reason behind this shortage is that the consumers are not actively recycling that can meet the expectations of the market. Chen has said that to solve this problem, blockchain can prove to be of great help.
During the first phase only, the firms in recycling blockchain technology should have around 15-20% savings from the supply chain optimizations. Misha Hanin, CEO of DeepDive, has said that blockchain technology is going to provide a suitable environment for the stakeholders that are involved in the recycling supply chain.
According to Chen, RecycleGo is “having the world’s first comprehensive and inclusive blockchain solution that allows any kind of material to be tracked and any kind of stakeholder can join”. This is going to be the first of its kind recycling solution which will help to keep the complete recycling waste together. The project is going to start using plastic bottles, and the first phase will help to identify the history of plastic bottles.