Mathelin Bay launches Global market place for plastics using blockchain
An international plastics industry consulting firm Mathelin Bay has developed and designed a blockchain platform PlastiTrail.com so as to break down some of the barriers which are prevalent today. The barrier is that the potential buyers and sellers of plastics resins, plastic compounds and plastic scrap in the $1 trillion-plus global plastics market from locating and contracting with trustworthy trading partners in their own country or in foreign markets. The buying and selling contracts made on PlastiTrail.com will be impossible to alter. Even the origin of individual plastics shipment will be easily traceable. This will support the sales of higher-value-added plastics.
By implementing this distributed ledger technology system tamper-resistant and secure documents can be used to support the requirements of governments in some countries. In countries like California, the plastics sold must qualify the plastics origin requirements for government regulations such as the California Rigid Plastic Packaging Container Act's provision for a minimum percentage of post-consumer recycled plastics content in various plastic products.
Phillip Karig, Mathelin Bay's managing director, said that "PlastiTrail.com is introduced to build trust and transparency between buyers and sellers. This blockchain linked PlastiTrail will provide secured and un-tampered records of plastics contracts entered into the marketplace. This includes any certifications, technical data sheets, photographs and other representations which will be duplicated, published, stored and encrypted at multiple locations around the world.
"Beyond contract representations stored in the blockchain, secure and encrypted information about the origin of plastics resins, compounds or scrap will allow plastics distributors and brokers to potentially sell more name brand and less generic plastics. An additional benefit, especially for plastics sellers with limited resources to market their products locally or in foreign markets is PlastiTrail.com's supplier review system that will allow plastics suppliers the opportunity to earn high ratings for their sales transactions with customers on the marketplace." Karig stated