How do you use blockchain?
Plastic Bank uses blockchain to provide an additional layer of immutable trust for traceable transactions. Every transaction recorded through the PlasticBank® app is secured in our blockchain.
Plastic Bank's blockchain is designed for minimal energy use and avoids the need for traditional mining or other energy-intensive processes commonly associated with public blockchains. A transaction recorded to Plastic Bank’s blockchain uses less energy than sending an email. To do this we utilize a private hybrid blockchain which stores key transaction data securely in our blockchain which is synced to the Plastic Bank platform’s private database. This hybrid model enables fast and efficient transactions by using our proprietary system rules controlled by Plastic Bank to run our operations while maintaining immutable trust at the same time.
How do members make sure their plastic collections are recorded properly by the collection branch?
Collection community members can view a record of their transactions with their collection branch in the Exchange History tab within their PlasticBank® App account.
In addition, the PlasticBank® app and our internal auditing processes ensure that the right people are paid the right amounts at all times.
What is a plastic chain, and why is it unique to Plastic Bank?
The Plastic Bank platform can show the complete journey of every plastic credit it authenticates through its proprietary plastic chain system. A plastic chain is automatically created by algorithmically linking the chain of custody of each kilogram of plastic transacted through the PlasticBank® app from the original collection members to the final processor. A complete plastic chain that has passed all of our internal auditing processes provides evidence of no child labour, proof of recycling, and verified social additionality was delivered as promised through the bonus program.
How does the PlasticBank® app serve as a means for traceability of collected plastic from the time of exchange all the way to store shelves as products and packaging made with Social Plastic®?
Plastic Bank can provide real-time, audit-ready traceability for Social Plastic® feedstock and Plastic Credit Offsets with 18+ age-verified registered members. This is enabled through certified PlasticBank® app-enabled locations throughout our supply chain, from input to output, in multiple countries at scale.
The PlasticBank® app is used to record the details of every exchange from our registered collection members to our collection branches, all the way to delivery at the processor partner who recycles and ships the materials for manufacturing. When the branch delivers the collected plastic to our processing partner, the processor issues a printed receipt showing the type and volume delivered to them. The PlasticBank® app and the Plastic Bank team validate the material received with the app recordings to unlock the bonus payments throughout the plastic chain.
We continuously invest in and leverage our multi-user, multi-function PlasticBank® app technology platform to ensure everything we do is built for trust at scale.
Do you have any third-party certification?
Plastic Bank has received the following recognitions:
Upgrade from Bronze to Silver Sustainability rating by Ecovadis – The EcoVadis rating is awarded to companies that meet rigorous sustainability standards in four key areas: environment, labour and human rights, ethics, and sustainable procurement. Receiving a silver rating from EcoVadis means that a company has scored between 45 and 64, indicating that Plastic Bank has demonstrated a commitment to sustainability by integrating sustainability into its strategy and operations and has established policies and management systems to address sustainability risks and opportunities.
Global Recycled Standard Certification – Global Recycled Standard (GRS) is a voluntary, international certification that verifies the content of recycled materials in a product. The certification requires companies to meet strict criteria such as tracking and verifying the amount of recycled materials used in their products, and proving that the materials are sourced responsibly and adhere to social and environmental criteria. We are compliant with Textile Exchange's Global Recycled Standard.
Learn more in our blog post.
Professional Impact Account (the service platform)
A centralized tool for subscribers to access marketing toolkits, impact certificates, quick pay top-ups, a customized Impact Page, storytelling templates, and exclusive updates.
Personal Impact Account (the service platform)
A centralized tool to track your individual impact, download certificates, and access educational resources and tools. Learn, connect, and take impactful actions within a community of like-minded individuals.
