Since its launch in January 2009, the blockchain has moved past its initial use to secure the Bitcoin cryptocurrency. It is now recognized as the most secure and reliable means of storing and validating data.
The main benefit of using the blockchain is that data is not hosted in any central location. It moves away from the centralized model that has dominated the internet to a decentralized model of storing data. The WaCo project uses a blockchain to store and validate data ValueGo® a patented solution, which helps to eliminate all risks associated with centralized data storage.
Solving the Waste Disposal Issue Using the Blockchain
In some countries, waste disposal is much easier than in others. The reason for this is that some countries simply have more surface area while others are island nations with limited places where they can store household waste. Consequently, there is a need to find a lasting solution for waste management that does not use up valuable land.
Even in large countries, the problems of centralized waste disposal cannot be ignored. For instance, disposing of waste in landfills creates huge problems for the environment. Some of the waste produces harmful chemicals that eventually find their way into the ecosystem. Another issue with modern landfills is that once a landfill is full, it is usually covered with clay and plastic.
The goal of this procedure is to prevent aerobic decomposition. However, the resultant process, starved of oxygen, usually generates methane. The methane generated is one of the leading contributors to the greenhouse effect, which causes climate change. A proper waste management system would need to manage landfill use to eliminate the effects of climate change caused by methane generation.
The WaCo Waste Trace System (WTS)
The Waste Trace System (WTS) is an important cog in the WaCo Ecosystem. It helps consumers to specify the waste they generate. Primarily, consumers can use the WTS to indicate:
- The type of waste- whether it is plastic, paper, metal, etc.
- The quantity of the waste- volume or weight
- The date and location where it was disposed
- The distribution of the type of waste – it could be generic plastic, food-grade plastic, steel, or aluminum
- The brand and product of the disposed waste
Through the WTS, some data is gleaned from consumers automatically. For instance, the date and location can be obtained automatically via a smartwatch, GPS, or smartphone. Other information needed from the consumer will have to be keyed in manually via the WaCo app. There is also the option to attach a photo to certify their contribution to the WaCo ecosystem. All the data provided by the consumers will be stored and distributed using the blockchain developed by WaCo.
The WaCo App
With the aid of the WaCo app, consumers can key in all the required information. The app also enables efficiency in decision making regarding waste disposal. By combining it with the blockchain and an incentives system, it ensures that the data generated is of high quality. WaCo has developed advanced technical tools and an advanced payment system. Some of the payment platforms that are incorporated into the WaCo ecosystem include PayPal, hot wallets such as Electrum, Exodus, and Mycelium.
The payment platforms allow for the real-time management and conversions of tokens into the local currency of the consumer. Once the waste is deposited at the collection point, systems automatically measure the quantity and quality of the waste. A calculation is then made and a reward is sent to the user via the app in the form of WaCo tokens. The waste then proceeds through the waste management ecosystem for processing.