Plastic Credit Exchange And Microsoft Partner To Ensure Transparent And Reliable Corporate Sustainability With Blockchain Technology
Philippine-based non-profit plastic offset program Plastic Credit Exchange (PCX) launches a Blockchain-protected credit registry developed by Microsoft
Plastic Credit Exchange (PCX), the first global non-profit plastic offset program, recently partnered with Microsoft to develop a blockchain-protected credit registry. The revamped credit registry will ensure the public and relevant stakeholders that all transactions within the Exchange are secure, transparent, and reliable.
Established in 2019, PCX partners with sustainably conscious businesses worldwide to responsibly offset their plastic footprints. 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. Company pledges undergo verification via a third-party audit and are made transparent through the PCX public registry.
Founder and Chairwoman Nanette Medved-Po shares, “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.”
Blockchain technology has the potential to extend digital transformation beyond any organization’s boundaries and into the processes it shares with suppliers, customers, and partners. At its core it is a shared, distributed, secured, immutable ledger which is connected in a peer-to-peer network.
PCX sought Microsoft as a global technology partner for a Microsoft Azure-based blockchain solution. Microsoft prototyped a blockchain-protected ledger through its Microsoft Technology Center (MTC) to provide confidence, traceability and transparency within the PCX ecosystem.
To lay the foundation for the solution, MTC configured PCX’s existing credit registry and infrastructure with Quorum Blockchain deployment on Azure by setting up permissions and providing identified user access to ledger through secure API. Improving upon PCX’s existing workflow, MTC iterated blockchain-based solution scenarios. This prototype incorporates PCX’s current processes via web application enabling the blockchain to integrate into their operations. Because the app is API-enabled, PCX can seamlessly extend their credit registry to more partners in the future.
“Our decision to partner with Microsoft went beyond finding a technology partner. We found a business partner whose sustainability goals aligned with ours and whose priorities are on finding innovative ways to tackle the plastic pollution crisis today,” said Medved-Po.
MTCs are designed to help drive business transformation by providing customers with a personalized and hands-on approach to innovation. Through MTC, customers, like PCX, are empowered to co-develop and envision solutions through proof-of-concept workshops, architectural design sessions, and exclusive access to partner technologies, among others.
“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. This collaboration ensures the right architecture and technology are put in place to provide a solid foundation for the system,” said David Chandra, Senior Director at APAC Microsoft Technology Center.
Microsoft Philippines Country Manager Andres Ortola said, “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. Wherever it can apply our strengths as an innovation company, we are committed to bringing the full weight of our platform and technology forward. At Microsoft, we exist to empower every person and organization on the planet to achieve more — including the planet itself.”
To date, PCX has enabled the removal of more than 18 million kilograms of plastic waste from the environment. Companies such as PepsiCo Snacks, Wyeth Nutrition, Century Pacific Food, Colgate-Palmolive and NutriAsia have pursued Plastic Neutrality in the Philippines, while Nestle Philippines, PepsiCo Vietnam, Unilever Philippines, and Mayora Vuono Trade and Marketing Services Corporation have purchased plastic offsets from PCX. In addition to addressing the environmental goals of programs, PCX also focuses on socio economic benefits of interventions on communities. Livelihood development, infrastructure support, behavioral change and empowering women help to support a global movement away from waste and into a more circular economy.
The blockchain-protected credit registry can be viewed on the PCX website at www.plasticcreditexchange.com.
