Recently, Plastic Credit Exchange (PCX), the first global non-profit plastic offset program, partnered with global tech giant Microsoft to develop a blockchain-protected credit registry.
Established in 2019, Philippine-based PCX has built a wide ecosystem of partners to facilitate the recovery, transport, and processing of post-consumer plastic waste, seeking out the most environmentally sound solutions. Firm pledges undergo verification via a third-party audit and are made transparent via the PCX public registry.
According to the announcement, the revamped credit registry will ensure that all transactions within the Exchange are secure, transparent, and reliable.
"It is important that the credit registry is trustworthy and available to the public. By using blockchain technology to not only protect the ledger but provide transparency around additionality and protect against double counting, stakeholders will know where and how they positively impact the environment." said Nanette Medved-Po, Founder PCX
To lay the foundation for the solution, Microsoft Technology Center(MTC) configured PCX’s existing credit registry and infrastructure with Quorum Blockchain deployment on Microsoft Azure by setting up permissions and giving identified users access to the ledger via secure API. Improving upon PCX’s existing workflow, MTC iterated blockchain-based solution scenarios.
Source: PCX
This prototype incorporates Plastic Credit Exchange’s current processes through web application, allowing the blockchain to integrate into their operations. As the app is API-enabled, PCX can easily extend their credit registry to more partners in the future.
"The PCX engagement with the Microsoft Technology Center (MTC) is a great example of how MTC can conduct a joint rapid prototype that helps accelerate the PCX vision to reality in a matter of weeks. " commented David Chandra, Senior Director at APAC MTC.
It is worth noting that PCX has enabled the removal of over 18 million kg of plastic waste from the environment till now. Firms like PepsiCo Snacks, Colgate-Palmolive, Wyeth Nutrition, Century Pacific Food, and NutriAsia have pursued Plastic Neutrality in the Philippines, while PepsiCo Vietnam, Nestle Philippines, and Unilever Philippines have purchased plastic offsets from PCX.