CS Recycling have been working with The Recycling Association and Marine Transport International to trial a new blockchain technology which is set to revolutionise the global recycling industry, the “Traca”.
This blockchain technology will reform the trade of recyclable materials by providing each part of the supply chain with vital data and assurance about the quality of secondary commodities. It has been developed to match the requirements of the UK Government's Resources & Waste Strategy.
How we have been involved
We saw seven containers of paper loaded at our depot in Potters Bar and shipped abroad. We found that the easily accessible system cut admin time in half, while also giving all relevant parties access to the data and documentation that was relevant for them.
How the system works
The system uses smart contracts, which write the terms of an agreement directly into the system. That means that once the terms have been met, the next step of the agreement (whether payment, creation of an industry document or the release of data) is automatically triggered. With these contracts built into the blockchain ledger the solution is based on, all parties can trust that each step will automatically occur once the previous conditions have been met.
How this affects CS Recycling customers
This doesn’t directly affect our customers; the main advantage is that it increases CS Recycling’s ability to supply the global circular economy with quality materials, which, in turn, will increase our customers’ trust that we are reprocessing their recycling.