According to a press release from the NRI, IBM Japan, Mitsui Chemicals and the Nomura Research Institute have announced a new consortium to investigate how blockchain technology can be used to develop better plastic recycling methods.
- Making new plastics from recycled plastics is an exact process that requires knowledge of the specific chemical composition of the recycled materials. However, due to current waste management practices, this is difficult to achieve. Since April, IBM and Mitsui have been partners to address this problem by building a blockchain platform to track materials.
- The Nomura Research Institute recently joined the consortium to accelerate and expand this operation. The aim of the consortium is to promote correct recycling methods based on traceability and to create an incentive system for the public and companies to contribute to recycling efforts.
- According to the World Economic Forum, only 14-18% of the 400 million tons of plastic annually are recycled.
- “NRI aims to solve social challenges through co-creation with a variety of partners. This consortium consists of Mitsui Chemicals, a key stakeholder in a recycling company, and IBM, a company that retains key technology to help us achieve our goal, “said Hirofumi Tatematsu, senior executive managing director of the Nomura Research Institute, in a statement. “We welcome other partners who join in and take part in the co-creation.”
- IBM Japan yesterday announced another partnership with Mitsubishi aimed at using blockchain to track and record the consumption of carbon dioxide, or CO2, the production of which is contributing to global warming. Mitsubishi will be responsible for the physical infrastructure needed for the capture, according to IBM, while IBM will handle the digital infrastructure of the project.