UAE Start-up BantGo and Blockchain Firm Verofax Collaborate to Reward Recycling Efforts October 26, 2023 October 26, 2023 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsOctober 26, 2023 by Kelly Cromley

UAE Start-up BantGo and Blockchain Firm Verofax Collaborate to Reward Recycling Efforts

In a noteworthy collaboration, BantGo, a burgeoning UAE-based startup, has joined forces with the well-established blockchain traceability firm Verofax. Their shared vision is to create an ecosystem that encourages individuals to recycle old electronic equipment, commonly referred to as e-waste. The innovative project, set to launch shortly, offers both physical and digital rewards, including NFTs, through the innovative impact2earn program.


The Recycling Revolution through Web3


The heart of this groundbreaking initiative lies in the utilization of specialized smart bins designed exclusively for the collection of e-waste. These bins incorporate a sophisticated ‘validation system’ that meticulously evaluates the condition of electronic devices and the potential recoverable materials. A critical aspect to consider is the requirement for these bins to be located in secure areas, owing to the inherent complexity of the validation process, which relies on a smartphone preloaded with artificial intelligence to assess the state of each item.


Recyclers Reap Blockchain Certificates


Upon successful recycling, participants receive a valuable digital blockchain certificate, marking their contribution to the reduction of e-waste and the promotion of sustainable practices. This achievement signifies a crucial step in the preservation of the environment, coupled with the rewarding aspect of the initiative.


Acknowledgement and Support


BantGo made significant strides in September when it secured a coveted spot in the EU-backed EIT RawMaterials Accelerator program. This program, known for its support and funding of promising initiatives, has recognized the potential of BantGo’s project. It’s worth noting that EIT was contacted for official confirmation, but a response was not received in time for this publication. Furthermore, EIT RawMaterials is no stranger to the realm of blockchain recycling initiatives, having already been involved in various projects in this space.


Partners in Progress


Among the entities involved in this groundbreaking collaboration, Verofax stands out as the more established partner. Initially focusing on traceability solutions to combat counterfeiting, the company has since diversified its efforts to encompass sustainability initiatives. Verofax garnered financial support through small funding rounds in 2021 and 2022, further underscoring its credibility in the blockchain ecosystem.


A Glimpse into the Past


This project’s approach to incentivize recycling is not entirely novel, as it builds upon previous attempts made in 2019. Two noteworthy endeavors surfaced during that year, demonstrating the concept of utilizing tokens to promote recycling. One of these initiatives was showcased during a hackathon in Spain, while the other, known as the German Deposy project by BIOTA, introduced a DLT/IoT solution designed to stimulate plastic waste collection.


Navigating the Skepticism


One significant challenge faced by initiatives like impact2earn is the prevailing skepticism surrounding web3 and NFTs, with many in society harboring doubts about their legitimacy. This skepticism necessitates a delicate approach in marketing and messaging, where an emphasis on NFTs, rather than the broader term ‘digital collectibles,’ may help target a more receptive audience.


In Closing


As BantGo and Verofax collaborate to usher in a new era of recycling through blockchain technology, their efforts symbolize a pivotal step toward promoting sustainable practices and reducing the environmental impact of e-waste. This innovative initiative is set to transform the way we view recycling, providing tangible rewards for those who actively engage in preserving our planet.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.