A winning project for the Infocomm Media Development Authority’s 2020 Blockchain Challenge. Chemistry Team, So Now, and Kryha are collaborating to connect off-take recovery manufacturing to enable a zero-waste economy.
This collaborative initiative has been selected for the Open Theme of the 2019 Blockchain Challenge, developed by the Infocomm Media Development Authority (IMDA). The overarching objective is to develop an open and decentralized platform, which incentivises parties to collaborate in circular value chains and aims to enable the easy adoption of circular business models, by leveraging distributed ledger technologies, smart contracting, immutability via the blockchain, and provenance tracking between stakeholders within a manufacturing scenario. With the opportunity and support from IMDA, we aim to make a strong contribution to the circular economy in Singapore and beyond.
What is the IMDA Blockchain Challenge?
IMDA’s Blockchain Challenge aims to promote awareness and adoption of the technology; and to encourage companies to explore business model innovation and/or transformation arising from the technology. Since its inception in early 2018, the areas of focus for each Challenge have evolved over time together with the development of the technology and environment in Singapore.
In 2019, blockchain technology continues to mature, particularly in the area of scalability and interoperability. However, as early industry ecosystems formed tend to be relatively small, business value reaped from network effects are limited. Recognising that the ability to exchange data and transactions across chains would allow participants of industry ecosystems to reap greater business value through network effects, there is also growing industry interest in blockchain interoperability, and connecting different blockchain business networks together. To this end, IMDA launched a Blockchain Challenge to catalyse the formation of blockchain business networks, and for such networks to connect and grow.
Why Circular Economy?
A circular economy aims to locate, retrieve, maintain or increase value, by transitioning from a ‘take-make-waste’ system to an ecosystem economy by ‘closing the loops’, thereby limiting the environmental impact and waste of resources, increasing efficiency throughout the product economy, providing profitability and resilience and creating value of what is considered worthless or wastage.
How our solution accelerates the global transition to the circular economy
Our platform streamlines collaboration among the stakeholders by removing frictions related to trust, providing the stakeholders with a single source of truth in the form of a distributed ledger that logs all activities in the value chain including the signature of the actor and a timestamp of when the activity occurred. It also addresses the joint effort to achieve ‘circularity’ through translating the value chain’s code of conduct into a set of transparent actions, leading to accountability & financial gains for those who commit.
Code of conduct Compliance
Our solution incentivises compliance with processing and manufacturing practices that enable the constant reuse of resources, captured in a code of conduct, via the utilisation of digital badges and immutable logging of the chain of custody, product composition and its use cycles.
Our solution easily matches supply and demand at the local level, tracks ownership of the physical products utilising digital twins as well as ensure the appropriate legal mechanisms towards the licencing of IP.
Our solution allows for the automation of business transactions through self-enforcing smart contracts. By lowering the need for manual input, administrative inefficiency, human error and malicious intent are avoided or minimised.
Our solution registers and tracks all products and materials cycling through the circular value chain. This will produce valuable data that will generate new insights about the benefits of circular economy. This data can also be used to globally optimize entire value chains, increasing their efficiency.