DOMO, Covestro and Circularise, an innovative transparency start-up, have announced a new collaborative project for circularity in the plastics industry through the use of blockchain technology.
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Domo, Circularise and Covestro partner on full plastics traceability
The newly formed Circularise PLASTICS project group aims to set up an open standard for sustainability and transparency within this field.
At K 2019, DOMO and Covestro will discuss the project with customers and look for new partners to join them on this pathway towards full circularity.
Alex Segers, CEO at DOMO, said: “Registries and tracking systems are key to assessing progress towards global circularity goals. Blockchain can bring transparency where it's most needed, especially when it comes to supply chain traceability.”
The partners believe that traceability and transparency in the plastics supply chain enabled by blockchain will make it more authentic and transparent.
The compatibility of blockchains has been a hot topic, including in the plastics space, where the benefits of this new technology can serve all parts of the supply chain.
Never break the chain
Dr Burkhard Zimmermann, Head of Strategy, Sustainability and Digital at Covestro, added: “For material suppliers and processors, as well as equipment and mould-makers, Circularise PLASTICS participation means increased material value and trust in your production, by adding material passports to plastic resin, additives, colorants and any other materials produced. For OEMs and brand owners, it helps on the road to achieving sustainability targets and a strengthened brand position.”
The value of blockchain is that it avoids the use of a powerful central authority and thereby gives equal rights to all participants.
Netherlands-headquartered tech innovator Circularise is making transparency and communication in global value chains possible by utilising blockchain and zero-knowledge proof. Their protocol enables trusted data exchange in fragmented supply chains without public disclosure of datasets or supply chain partners. Unlike other blockchain transparency solutions, Circularise’s technology protects a company’s privacy and sensitive information.
The Circularise PLASTICS concept involves a seven-step process whereby the source material can be followed through a blockchain pathway, ensuring end-to-end product traceability and provenance. The project is still at a very early stage and the objective at K 2019 is to raise interest among value chain partners and sustainability innovators in the plastics industry.