Recorded on July 22, 2020
Presented by Domo
Most manufactured items don’t have a way of telling you what they’re made of, or where they have originated. This is an important roadblock to circularity.
Transparency on the other hand allows for the exchange of information and is vital for the overall functioning of a circular value chain. Thus an open, decentralised data platform that is accessible to all stakeholders will become a key part of an increasingly more transparent and sustainable plastics industry. It is our goal, therefore, to establish reliable and standardised information on material flows, material composition and components, and build an open standard around sharing data in plastics.
In 2019, Circularise – a blockchain technology start up offering an open source protocol for all the parties in the value chain to become more transparent while guarding or even better never exposing sensitive information – partnered with Domo Chemicals and Covestro to develop an implementation of its technology in the plastics industry. The first prototype has been built and tested. Now we opened the consortium for new members.
The group is developing an open standard for sustainability and transparency that enables the industry to communicate regarding sustainable practices and attach absolute proof to materials. Making the plastics supply chain more fair, transparent and profitable.
The value of having this standard developed by the industry, instead of just one or two companies is in avoiding a central powerful authority and giving equal rights to all participants.
For material suppliers and processors, as well as molders, Circularise PLASTICS’ participation means increased material value and trust in your production. For OEMs and brand owners, it helps on the road to achieving sustainability targets and a strengthened brand position, by revealing a product’s origin and transparency on its environmental impact. The objective is to create a strong consortium of companies to set an industry standard for transparency regarding e.g. recycled content and other sustainable practices.
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