What has happened?
We are currently facing a catastrophe in the ocean with millions of animals dying due to plastic flowing into the ocean. According to scientists we will produce 350 billion kilos of plastic alone this year with an estimated 8-12 billion kilos of plastic flowing into the ocean to meet the 150 billion kilos that already exists, and most of it comes from areas of extreme poverty. However, when the poor are living on less than $2 a day and faced with the prospect of dying, understandably, they have no consideration for recycling. Faced with that condition, the solution was in the problem for entrepreneur and founder of the Plastic Bank, David Katz, speaking at IBM’s Think Summit on the 22nd May.
Plastic Bank works by tackling ocean plastic and global poverty underpinned by blockchain-based token rewards. Social Plastic – which is essentially the waste that washes up on the beaches of some of the poorest communities such as Haiti, Peru and Lima – is collected by individuals and exchanged at established recycle centres.
By enabling the exchange of plastic for money, items, or Blockchain secured digital tokens, the value in plastic is then realised. This empowers recycling ecosystems around the world and stops the flow of plastic into our oceans. All while helping people living in poverty build better futures.
In 2019 where we are seeing the rise of Wellbeing Warriors, contributing to the plastic economy will go a long way: plasticbank.org