Traceability Beyond the Port
Date
From 2021 until the present date
What do we do?
Idea creation, product development up to TRL7. Blue Room Innovation's proprietary product.
Technology
Challenge
Did you know that over 20 million tons of plastics end up in the oceans annually? While many of these may come from landfills or drains, there's also a percentage that could originate from ship releases. To prevent illegal discharges of pollutants like plastic or others, there are regulations obligating ships to declare and dispose of waste in ports. This process can be tedious for ships and is disconnected from the subsequent recycling and waste transformation ecosystem. With CircularPort, we connect the entire waste-handling port environment, facilitating their recycling and contributing to more circular, connected, and efficient ports.
Features
Features
Tokenization
We convert each batch of waste into a digital asset, specifically into a Non-Fungible Token (NFT), recording its key characteristics on the blockchain: waste type, weight, previous holder, next destination, owner, and associated rights and obligations. We digitize the entire process and establish a Peer-to-Peer validation, where each party must validate the transaction in the process with their own digital identity, and we add features to the digital batch to record "its journey" in its Product Passport.
Creation of Composable Token
To transform waste into value, we need to turn the heterogeneous characteristics of waste (non-fungibility) into a somewhat homogeneous measure (fungibility). We use the ERC 1151 standard for tokenization, as it allows digital assets to act as either fungible (ERC 20) or non-fungible (ERC 721) tokens. Building upon the previous point, if the waste's final destination were recycling, then its journey continues. The recycling company could add to the transformation process for each batch, adding new "features" to the Waste Passport.
Waste Passport
Using the Waste Passport, we record the journey of waste through all involved actors: ship owner, consignee, port authority, waste operator, and treatment plant. Once waste discharges are recorded in the port and validated by Port Authorities, CircularPort® connects the entire value chain, providing end-to-end traceability and reducing time and errors through digitalization.
Secondary Market
Solution
We've created a disruptive blockchain ecosystem for transparent digital waste management supply chains, providing immutable transaction records that verify the origin of waste, its transformation, and certifying the quantity of recycled product produced by manufacturers. Within this ecosystem, it's possible to tokenize port waste and create waste passports, all through nodes connected to the Hyperledger Besu-based blockchain.
Partners and Future
CircularPort has the support of several Spanish and international ports as well as various recycling companies. On the national level, we have carried out different pilots, among which we highlight the one with the Port of Palma and ADALMO, and the one with the Port of Barcelona, the latter being funded by ACCIÓ. The Palma pilot has also integrated CELSA Group into the ecosystem, a manufacturing company that transforms the recycled steel it receives from the Port of Palma.
The development and consulting team at Blue Room Innovation continue to add value to the CircularPort project, adding functionalities and partners while building an ecosystem around ports, recycling plants, and manufacturing companies that acquire recycled material from ports, with the goal of closing the loop.
More Sustainable Projects
Blockchain - IA
CircularTrust
Blockchain - IA
Scents
Blockchain - IA