Ecoex: Leveraging Blockchain To Upscale The Waste Management Industry

 Nimit Aggarwal,   FounderAccording to Allied Market Research, the global waste management market size was valued at $1,612.0 billion in 2020 and is expected to reach $2,483.0 billion by 2030, registering a CAGR of 3.4 percent from 2021 to 2030. The factors driving the market growth are the increasing awareness of the benefits of waste segregation and strict government regulations. Established in 2020 in Delhi, Ecoex is constantly innovating and investing in new technologies to stay ahead of the curve.

Ecoex is a first-of-its-kind electronic marketplace established to foster a digital evolution for a cleaner future. The firm is developing a sustainable digital ecosystem that will enable all stakeholders in the plastic waste management value chain to conduct safe and beneficial transactions involving plastic credit certificates any time, anywhere. In addition, Ecoex has already created the first decentralized, block chain based, credible plastic credit system.

Ecoex is the first Indian digital marketplace that provides end-to-end waste management services, bringing brand owners and recyclers together to ensure seamless plastic credit transactions and help to fulfill the Plastic EPR as per the PWM guideline 2016. Ecoex advises businesses on pre/post-consumer waste strategies to assess their waste footprint and develop programs that align with their sustainability goals, con-tribute to the circular economy, and assist them in meeting their Extended Producer Responsibility (EPR).

Material quality poses a challenge to the waste management industry since a typical waste stream can contain seven different types of plastic, each with a unique degradation pattern. The second problem is determining the source as well as the demand supply mismatch. Manual sorting
results in an inefficient and uneven sorting procedure and waste pickers struggle to collect plastic waste and often disregard gathering specific plastic wastes owing to poor payment value. Lastly, a lack of industry expertise and technology poses a significant challenge. Workers frequently encounter issues when they lack adequate competence in recycling plastic waste. Furthermore, a lack of access to technology might hinder the recycling process.

Our vision is to become patrons of a cleaner tomorrow by guiding India's waste management industry toward self-sufficiency & self-efficacy

Ecoex has established the world's first decentralized, blockchain-based plastic credit system and has migrated to Hyperledger, helping people understand circular economy concepts while simultaneously implementing them. The firm's goal is to create a sustainable ecosystem and a waste-neutral future, which comes with monetary benefits. Ecoex offers various services under waste management, including EPR services, commodity trading, technology consulting, and selling ecofriendly products. "Ecoex has leveraged the latest technologies while providing services by making the whole process digitalized while simultaneously incorporating blockchain.

Blockchain technology makes it possible for anyone to track the services offered by the firm, which results in transparency, instant trace ability, efficiency, automation improvements, and enhanced security", shares Nimit Aggarwal, Founder of Ecoex. Among the most renowned clients of the firm are Supreme Agro, Marico, `Mrs. Bector food specialties', Canon, Bengal beverages, UNDP, CocaCola, Dabur, and Bikanervale to name a few. With over 345 members on its portal, it provides a digital ecosystem for members to generate plastic credit anytime & any where.

In addition to focusing on sustainability and the Circular Economy, the firm oversees various environmental initiatives, including plastic credits and carbon credits.Moreover the firm has implemented Block chain technology to ensure transparency and commission easy audits of all reports. Ecoex has orchestrated numerous training programs to educate rag pickers on why the segregation part is the most crucial step in recycling. Organizing training programs to educate the recycling industry about CPCB registration and PWM guidelines is part of the firm's efforts to empower the industry. The future roadmap for Ecoex is to build a platform that benefits the environmental sector and is accessible to all.