Whenever you consume a product, you usually pay for it twice. In the first instance, you pay for it at the retailer. Later, you pay for its disposal in the form of tax to local authorities. However, waste does not have to be a cost to communities; it can be seen as a raw material with monetary benefits via recycling.
Getting Value Out of Waste
One way to achieve value from municipal waste is by consumers paying to gift others in the production chain with valuable waste. The WaCo project is designed to achieve that. The digital coin has a goal of integrating consumers in the waste ecosystem.
WaCo wants to ensure that consumers derive value form their waste. With WaCo, consumers will receive payments in WaCo coins when they dispose of waste the right way. In exchange, consumers will trade in their data. The data will reveal certain things such as:
- Their consumption patterns
- The accumulation and handling of waste
- The availability of waste to feed the recycling sector
Those in the recycling sector, consumer goods manufacturers, and government agencies charged with waste disposal can use these data. Government agencies can use the data to design waste disposal polices, goods manufactures can use it to retool their production lines, while waste recycling centers can use it to optimize their recycling efforts.
The Problem WaCo is designed to Solve
Globally, the environment is one of the most important issues being discussed by policy makers and citizens. Today, there is awareness that unsustainable consumer practices have caused a lot of damage to the environment.
Besides causing global warming, improper waste disposal has caused harm to the environment, ruined ecosystems, and in some cases, led to the extinction of species. However, the good news is that various agencies and interested parties globally are working to rectify harmful waste disposal practices.
Numerous technologies have been developed in recent years that aim to improve waste management. However, most of these technologies are only used sparingly is a few locations globally. In most places around the world, the norm is still to dispose of waste in the deep sea or in landfills.
For the technological innovations in the waste management sector to have a lasting impact, there is a need to include people into the process. If the people factor is not included in waste management policies, the problems facing the waste disposal sector are unlikely to go away.
The WaCo Solution
People need to be empowered and incentivized to ensure that the issues facing the waste management sector are dealt with effectively. The WaCo project has a goal of achieving that. It utilizes technology that automatically monitors the waste management ecosystem and collects valuable data.
WaCo integrates the blockchain into the waste management process and crypto to solve issues facing the waste management sector. By utilizing the blockchain, the WaCo project is able to achieve secure and immutable records. The use of crypto provides an incentive for people to participate in proper waste management practices in real time. For instance, it gives them an incentive to volunteer accurate data, which can be used to save the environment from improper waste disposal.
How WaCo will achieve its Goal
WaCo plans to achieve its goal by creating a Waste Trace System (WTS), which is made possible using an app. To acquire accurate and timely data about the waste disposal ecosystem, WaCo will create a reward system powered by the WaCo digital currency. As part of the solution, the project will create a dedicated blockchain where the data obtained will be stored and processed using advanced data analysis tools. All the information gathered will then be availed to public and private stakeholders in the waste management ecosystem.