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Internet Computer's Dfinity Is Building Carbon Credit-Inspired Tech for Waste Management
The not-for-profit foundation is working with management consultancy Roland Berger who introduced the Voluntary Recycling Credits (VRC) standard in June, which is inspired by the carbon credit market.
Updated Oct 16, 2023, 5:00 a.m. Published Oct 16, 2023, 5:00 a.m.
Internet Computer blockchain (ICP) contributor the Dfinity Foundation, is developing a technology for a global standard to incentivize recycling activities.
The Swiss-based not-for-profit foundation is working with management consultancy Roland Berger, who introduced the Voluntary Recycling Credits (VRC) standard in June, inspired by the carbon credit market.
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The VRC initiative aims to address global issues with the waste management sector that is contributing to climate change, the firm said in a statement, adding that out of 2 billion tons of municipal solid waste produced annually, the recycling rate is less than 10% for global plastic waste.
Read more: How Blockchain Can Transform Climate-Friendly Investment Opportunities
Dfinity will build a product on an Internet Computer for the buying, selling and trading of recycling credits that can be tracked by recyclers, waste producers and so on.
Roland Berger sees blockchain technology as a "foundational element critical for its success," thanks to its decentralized model guaranteeing "a transparent, auditable, and secure record of recycling credits and transactions," according to the statement.
Read More: IFC-Backed Carbon Opportunities Fund Uses Chia Network to Settle Tokenized Carbon Credits
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