COMING FULL CIRCLE

BY TABATA MUSSONE

TABATA MUSSONE IS BUSINESS DEVELOPMENT MANAGER AT MALTA A.I. AND BLOCKCHAIN SUMMIT, AS WELL AS CO-FOUNDER AND CEO OF NOWHEREPLASTIK, A NON-PROFIT CRYPTO-FRIENDLY REVERSE VENDING COMPANY THAT ALSO 3D PRINTS NEW PRODUCTS OUT OF RECYCLED PLASTIC.

n 2019, plastic waste represents one of the main pollution sources on the planet, and one of its most widespread and invasive forms at that. Islands of plastic waste are floating in our seas, some of which exceed 6,000 times the size of Malta. It is estimated that by 2050, oceans will contain more plastic waste than fish. Every year the amount of plastic we dispose of exceeds the weight of the entire human species. As such, it’s urgent to rethink the current economic model, which is based on excessive exploitation of natural resources only to maximise profits without considering environmental and social damage.

Plastic pollution is just one example of the many scenarios where blockchain technology can play a role to efficiently transition towards a circular economynamely a regenerative economic system that reuses materials in subsequent productive cycles to regenerate value from waste. Adopting blockchain technology to implement a circular approach to review each and every phase of the supply chain is crucial to reuse waste in the most efficient way, minimising energy consumption while generating the maximum amount of value. Doing so can slash negative environmental impact, focusing the attention on promoting both local and community values.

A supply chain is the sum of the processes and resources required to make and deliver a product to the consumer. In recent years, supply chains have reached a level of complexity and cost that puts data aggregators in great difficulty when managing complex data flowing from an increasing number of devices. This spiking activity creates critical issues regarding transparency, coordination, and the sharing of information amongst stakeholders.

Blockchain offers a decentralised way to record digital moments and is designed to be secure, transparent, robust and auditable. By doing so, it enables frictionless and collaborative ways to connect the whole supply chain involved in the production cycle. Nowadays, IoT devices are segregated in their own operating system and network, creating undesired but unavoidable bottlenecks. The cycle is initiated from the hardware which triggers data through attached sensors; the information gathered is transmitted over their network to the hub where integration and consolidation of data take place. The hub formats the data to be pragmatically visualised and derive insights for us humans to take action. The complexity comes when distinctive data formats come together from different devices resulting in vast gaps of compatibility. Various blockchains eliminate those gaps by maintaining a constant communication bridge for data that relays information between every substantial part of the supply chain.

potentially adding speed. Based on a single network distributed among the various stakeholders involved, it will decrease the costs associated with the need for multiple solutions which enable IoT devices to communicate.

Indeed, the application of blockchain technology and IoT devices would seem to be an excellent answer to these issues:

• With the use of blockchain technology it is possible to ensure the continuity and accessibility of relevant information within the supply chain, inherent to all stakeholders involved, which ensures greater transparency compared to the classic supply chain model;

• The function of IoT devices is to capture and transfer data and information from the entire supply chain.

We find applications of these technologies already exist in a variety of sectors such as food, where there is a greater need for transparency and trust, or in fair trade commerce, where it is essential to track each product back to its source.

The aggregated data, being intrinsically diverse, is nonetheless merged in order to reach optimal outputs by means of constant sequential learning. Decentralised and distributed solutions add extensive features that enhance any complex supply chain with transparency, elasticity and undeniable trust. Information gathered should be available and visible to every stakeholder by maintaining a consensus agreed upon at the start to establish trust. This solution should empower the collaborators to take rapid actions to pivot in fast-changing environments.

Blockchain technology permits not only a seamless data flow but also drastically reduces the associated costs while

The potential for the application of these technologies becoming integral to the supply chain is promising, but to date, it has been difficult to overcome some critical issues to achieve the desired outcome.

On the one hand, the blockchain may have some limitations regarding scalability and performance, while on the other, IoT devices need to be more resilient and secure.

With blockchain technology humanity has a great chance to make a vital difference in this world but first we need to better understand the technologies and functionalities to then apply it to worthy causes in a responsible way.