Plastic Credit Exchange partners with Microsoft to develop a blockchain-protected credit registry

Plastic Credit Exchange (PCX), a Filipino non-profit plastic offset program, partnered with Microsoft to develop a blockchain-protected credit registry.

“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, PCX founder and chair.

Similar to how some carbon markets use carbon credits to limit companies’ production of greenhouse gases, PCX uses plastic credits to limit the number of plastics that businesses produce.  

Companies in the Philippines that have purchased plastic offsets include Nestle Philippines and Unilever Philippines. Companies like PepsiCo Snacks, Wyeth Nutrition, Century Pacific Food, Colgate-Palmolive, and NutriAsia, alternatively, are pursuing plastic neutrality in the country through other means.  

According to PCX, these partnerships have helped divert over 18 million kilograms of plastic waste from the ocean.  

“Sustainability and humanity’s response to it is one of the greatest challenges of our lifetime—a planet-sized challenge that requires a planet-sized response. Technology can and must accelerate that response, ” said Andres Ortola, Microsoft Philippines Country Manager.

Microsoft provided Azure-based technology to beef up the credit registry’s security, using a web application to integrate the blockchain into PCX’s current operations. 

PCX’s blockchain-protected credit registry can be found at plasticcreditexchange.com, where you can also see how many plastic credits registered corporations are holding. 

SOURCE: Business World