Plastic Credit Exchange (PCX), a Filipino nonprofit plastic clearing program, has partnered with Microsoft to develop a blockchain-protected public credit ledger.
“It is important that the credit registry is trustworthy and publicly accessible,” PCX Founder and President Nanette Medved-Po said in a statement. “By using blockchain technology not only to protect the ledger, but also to provide transparency around additionality and protect against double counting, stakeholders will know where and how they are positively impacting the environment. “
Similar to carbon markets that use carbon credits to limit the production of greenhouse gases by companies, PCX uses plastic credits to limit the number of plastics that companies produce.
The Philippine companies that have purchased plastic offsets are Nestlé Philippines and Unilever Philippines. Meanwhile, companies like PepsiCo Snacks, Wyeth Nutrition, Century Pacific Food, Colgate-Palmolive, and NutriAsia have sued plastic neutrality in the country.
According to PCX, these partnerships have diverted more than 18 million kilograms of plastic waste from the ocean.
“Sustainability and humanity’s response to this problem is one of the greatest challenges of our lives – a planet-sized challenge that requires a planet-sized response,” said Andres Ortola, country manager for Microsoft Philippines, in a statement. “Technology can – and should – accelerate this response. “
Microsoft provided an Azure-based blockchain solution to strengthen the security of the credit ledger, using a web application to integrate the blockchain into PCX’s current operations.
PCX’s blockchain-protected credit ledger can be found plasticcreditexchange.com, where it shows how much plastic credit each company has purchased. – BH Lacsamana