CircularX: Waste Trading Blockchain for the Circular Economy

Bryan Chiu1Anson Ho1Abraham Lu1Bosco Lee1Leo Li1Matthew Yau1

1Candidate for International Baccalaureate Diploma and Ontario Secondary School Diploma, Canadian International School of Hong Kong, Aberdeen, HKSAR (China).

A Paper Submitted in Partial Fulfilment of the Requirements for IBCOL 2023

Sustainable Development Goals

Keywords

Circular EconomyPermissioned BlockchainRegenerative Finance (ReFi)Waste Trading MarketplaceSustainable Development Goals (SDG)

Abstract

Join the circular economy revolution with CircularX, a waste trading blockchain platform. The world faces resource depletion and environmental damage, demanding a transition to circular economy practices.

Today, our economy is only 8.6% circular because of low awareness, complex solutions, and a lack of trust among stakeholders [1]. To address this problem, CircularX introduces a compelling blockchain solution that empowers businesses to turn waste into regenerative materials. CircularX is a ReFi (Regenerative Finance) platform with five components:

  • Secure Collection: Mobile app, crypto wallet, and access-control accounts are used by all permissioned stakeholders with hashed QR-coded waste tokenization for proof of existence and transaction.
  • Trusted Transportation: Real-time monitoring and tamper-proof tracking maintains waste quality. GPS and ambiance sensors are used for monitoring materials.
  • Reliable Valuation: Value appraisal will be undertaken by evaluators in ring signatures.
  • Smart Marketplace: Secure transactions are facilitated by matching algorithms and smart contracts.
  • Circular Economy: Regulatory compliance monitoring and automated reporting on every step including remanufacturing and further impact with additional incentives for sustainability.

    CircularX focuses on working with businesses to tackle various waste types (e.g. coffee grounds, plastics, paper), maximizing the value of regenerative assets (waste) in the marketplace. Its decentralized, scalable, and trustworthy platform works with multiple industry sectors (e.g. retailers and manufacturers) and ecosystem stakeholders (e.g. collection centers, recyclers, and remanufacturers).

    A McKinsey study showed that a shift to a circular economy could yield €1.8 trillion in economic benefits by 2030 and an 83% reduction in GHG (Green House Gas) emissions by 2050 [2]. Together, let's build a world where waste is valuable and sustainability is rewarded. CircularX is the catalyst to turn Waste into Wealth.