The Potential Impact of Cryptocurrency on Waste Management

Part One – Research of the Potential Impact of Cryptocurrency on Waste Management

It is a fact that things have changed in all aspects due to the essence of technology. The technology has been changing every facet of business in so many ways. One of such technology, which revolutionized the world with its great innovation, was blockchain technology which started from the beginning of cryptocurrency named Bitcoin. Now, everyone has heard of cryptocurrency as it has gained much attraction across the world. Bitcoin was the first one, which came to the scene and negated centralize financial system of banks. It is one of the significant developments of technology, which has provided new idea to the financial transactions. Before moving into the discussion that how it can play its part in waste management, it is important to understand the technology itself. This cryptocurrency is independent of any central controlling system, and it works on decentralize system, where no one control or owns it (Jackson, 2018)

The cryptocurrency works on the basis of technology called blockchain. It is a decentralized system and ledger to manage financial transactions of any kind. It is fact that when traditional financial system is discussed, it has centralized banking system, which uses coins and paper money. Moreover, the banking system comes with so much paper work, which certainly puts weight to be managed by banks. So, the waste of this paper work needs to be wasted properly through waste management companies, who can do manipulations in figures regarding weight of the waste etc. But when it comes to Bitcoin and cryptocurrency, the manipulation factor is equal to zero, if dealing is done in this system. Using blockchain technology of cryptocurrency means no paperwork, so there will be no waste to manage as well. There are even companies in the world, who are doing eco-friendly tasks, managing waste and accepting payment through cryptocurrency like Bitcoin. The blockchain technology has great potential as it can replace many systems, and minimize the level of waste (Jackson, 2018)

Part Two – Brainstorming of the Potential Impact of Cryptocurrency on Waste Management

            The cryptocurrency and its blockchain technology have great potential to play its part in waste management. Like one of its potential is attached with managing food waste. The example can be taken from real world. A company named “Goodr” is using blockchain technology to manage the food waste and reduce it as much as possible. It means that technology being used for cryptocurrency can certainly play its role in managing different kinds of waste. The “Goodr”, is a waste management company, and it has created an app, which uses the idea of blockchain technology. The local businesses are connected through app with local charities. This app is used by these stakeholders, to use and manage leftover food. The aim of this company is to have a look at surplus food and minimize it as much as possible. The stats have shown that food wasted by American consumers is approximate 133b pounds. This food waste plays its part in landfills of 27%, and due to this the methane emission is done. This uneaten and wasted food needs to be transported as well as removed and a cost for this process is $218. Now, Goodr has the aim to reduce all of these costs, food waste by using technology of blockchain (Brassil, 2018).

            The technology used by the Goodr Company is managing the leftovers and charities are connected to now about the leftovers from businesses. Then these leftovers are managed by proper schedules, which can be managed by the app. This app is also helping these businesses to know that what kind of and how much food waste is produced by them. By these stats, they come to know that how much is being wastes, what they can do it reduce this food waste. The businesses provide signal to the charities that they have excess of food, and local charity can schedule their pickup of that leftover of food. If companies do follow the example of Goodr and look for using blockchain technology, then the waste from whole world can be managed as well as minimized with such technology (Brassil, 2018). This is great opportunity for the world to use cryptocurrency technology, and manage all kinds of waste including food waste so that world can be free of load of waste of different kind, which not only plays its part in landfills, but also pollution is emitted. The better waste management can make this world a better place to live for all, where food waste can be provided to the needy ones, and it can also be reduced.

Part Three – Regulation and Ethics of the Potential Impact of Cryptocurrency on Waste Management

            Now, the issue for managing cryptocurrency is regulations as well as ethics. If ethics are not included in the discussion, still the problem will be there in terms of regulations, as cryptocurrency has not been legally validated all around the world. Few parts of the world have legally accepted it, but few are resisting this. It is also being resisted by central banking systems of the world, as this system is quite cheaper than that, and it is a big threat for the financial and banking system. So, if cryptocurrency technology ahs to play its part in waste management, then world has to come up with regulations, which allow cryptocurrency to work freely all around the world. So, world has to find solutions for this problem. The ethics and regulations should be developed so that blockchain technology can contribute in managing waste of all kinds, especially the food waste. The banks have also to understand that technology is getting better and it cannot be contained totally. The world has to find appropriate solution as soon as possible (Lucey & Corbet, 2018)

Part Four – Disruption of the Potential Impact of Cryptocurrency on Waste Management

            The focus was given in this article to the food waste as food businesses do produce so much waste and the world where millions are deprived of having enough food to feed their families, it is so sad to see that so much food is being wasted by even the countries like United States, who should be more responsible in their approach to help the poor countries. The Goodr company case study is good one for everyone to look at that how with blockchain technology; they are doing a great work by providing food to charities, also playing its part in minimizing the food waste as well. The business industries and world need to look at such example and develop a system and process to manage waste of many kinds, including the food waste.

References of the Potential Impact of Cryptocurrency on Waste Management

Brassil, G. (2018). Meet Goodr, the company using blockchain technology to reduce food waste. Retrieved February 1, 2019, from https://www.cnbc.com/2018/06/22/this-company-uses-blockchain-technology-to-reduce-food-waste.html

Jackson, M. (2018). How Bitcoin and blockchain technology can benefit the waste management industry. Retrieved February 1, 2019, from http://www.recyclingwasteworld.co.uk/in-depth-article/how-bitcoin-and-blockchain-technology-can-be-put-to-good-use-in-the-waste-management-industry/168216/

Lucey, B., & Corbet, S. (2018). Why Bitcoin proves regulation is the biggest issue facing cryptocurrency. Retrieved February 1, 2019, from https://economia.icaew.com/opinion/august-2018/why-bitcoin-proves-regulation-is-the-biggest-issue-facing-cryptocurrency