Hyperledger Foundation Climate Action & Accounting SIG, 27 Jun 2023

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From YouTube: TraceChain - Waste Management & Green Financing

Description

A presentation hosted by the Hyperledger Climate Action and Accounting Special Interest Group on June 27, 2023 featuring Naresh, Co-founder and COO of Snapper Future Tech, speaking about using blockchain to manage waste management & green financing.

Mismanagement of waste is a critical issue that leads to the unfortunate death of more than half a million people every year. In a circular economy, Producers/Brand owners have a crucial role to play in collecting back waste or post-consumer products and being compliant.

However, the lack of trust and traceability is a significant challenge due to inaccurate and unreliable data, non-compliances, and the largely informal sector of waste processing. Snapper is solving this problem by accounting and tracking recycled waste using a unique blockchain-powered solution.

If you're interested in how blockchain is being used in climate-related use cases, join the Climate Action and Accounting Special Interest Group. More about that is at: https://wiki.hyperledger.org/display/CASIG/

You're welcome to sign up to the group's mailing list and introduce yourself and take part in discussions. You can subscribe at: https://lists.hyperledger.org/g/climate-sig/

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A

So if this is uh your fourth meeting, I want to kind of flag for everybody. That hyperledger follows and thank you David um is this. Your first meeting hyperledger follows an Anti-Trust policy that I have uh shared at the bottom of the of the meeting page, so you can have a look at that also. If this is your first time getting involved with hyperledger, we also follow a code of conduct which is really important to be aware of um I.

A

Usually kick off these meetings uh by inviting anybody who has joined for the first time to to introduce uh themselves naresh you'll be uh presenting soon so I'll give you the floor uh when you can share a little bit about your background. You kick off the presentation. Is there anybody else here uh who is joining for the first time.

B

Yes, I'm joining Karen Hardy, the.

A

First, hello: Karen: can you tell a little bit about your your background and how you learned about us and your interest in climate accounting, sure.

B

So I um my way of background I I've been um 30 years in in high tech um in Silicon, Valley um I'm based in live in Menlo Park in California and um I I, just literally got out of um a corporation and I'm, focusing all of my energy and attention on climate change, so I'm trying to find ways in which I can support technology in new ways um and I. Think one of the areas is is blockchain, so I'm uh I'm drinking from the fire hose so to speak and learning as much as I can.

A

Fantastic well, you've come to the right place uh and um we're very excited to to have you here um is there anybody else would like to um say hello.

A

Okay, great well.

C

A

Also recommend one thing that you might be interested in doing is we record all of these um all of our meetings? We oftentimes have really great speakers, like uh nurse Jain who's going to be presenting today um lots of really interesting uses of of blockchain around different issues around climate accounting.

A

So you can kind of look through some of the past meetings um pick and choose what is of interest to you um and find some really interesting kind of Cutting Edge presentations from some of the kind of thought leaders in the space, so I I highly recommend uh you take advantage of that and very excited to have you here.

A

um I will kick off by saying. Also if you are a new member here uh we have some additional links in the the meeting agenda. uh We share a little bit about how to contribute. We've created a section around that there are technical opportunities as well as non-technical opportunities, um so you don't have to be a developer uh to get involved and contribute uh to the the special interest group um I'll uh open up the floor. I don't know if there are any announcements from any of the different working groups from the carpet.

A

Accounting working group or the standards or research working group, um if there are um please just uh raise your hand, let me open up my screens. I can see um a second and I'm not seeing any hands raised, so I think we can kind of probably just move on great okay, um so the presentation that we have today I'm really excited um to to um to learn about it. This is a particularly sticky problem uh that we'll be hearing about from um naresh um Jane, who uh is a co-founder and CEO of Trace chain.

A

So this is all about understanding uh and tracking Downstream um uh kind of emissions and waste.

A

um I should say waste information, um particularly tricky uh challenge in the fact that you know when an organization um sells sells a product or service. You know it leaves the store and it is, is out in the world, uh and so that creates an incredibly difficult uh challenge in understanding.

A

um You know how how those products are used, how they're creating waste, how that race, what rate waste can be mitigated, but it critically uh important component of of kind of the climate, accounting, Challenge and and I think distributed technology uh offers some really unique solutions for something that's like as decentralized of a challenge or a problem, as you can get um so very excited uh to have uh naresh share a little bit about the work of Trace chain um and kind of educate us a little bit about how he is tackling this.

A

This challenge, naresh I, will hand over the floor to you if you like, uh if you'd like, to um share uh your screen for a presentation uh happy to to stop sharing my screen.

D

Let me share my machine.

D

Okay is my screen visible? It is yes yeah. Thank you for introducing me and uh good morning and good evening to everyone. uh It's my pleasure to be here and uh present and share my our experience and learning and whatever work we have done in this particular space uh tracing. uh So let me quick uh give a quick introduction about myself in the company, so that is a better understanding. What all we do before uh I specifically talk about the solution.

D

uh My name is naresh Jain I'm, the co-founder and CEO for uh Snapper future Tech snapper started Journey about six years back uh with full focus on Enterprise blockchain uh Solutions. Since then, we have worked on uh two products and we provide services to customers uh globally and with 100 focus on uh Enterprise blockchain.

D

We are also hyperledger certified service provider.

D

So let me talk about uh tradition. Trace chain is a name or brand name for the product of the platform. What we have built- and this covers two areas- it's focused more on waste management or waste, uh traceability and uh green.

C

D

And that is what I'm going to talk about. What does that mean and how do we? uh What are we doing in this particular space? So I would love to say. One thing that we have. Our solution has been authorized uh by ifsca Innovation sandbox ifsca is a International Financial Services uh from India, uh which is a regulatory body.

D

It's a regulatory body like SSC University, so this is a Indian regulatory body for international finance so uh and we have got authorization from them as per the sandbox to Pilot our solution with the customers uh Okay. So, as we all know, so we have a global warming. Challenge and I would like you to go through this video for about a minute. So that's uh understand the problem.

C

D

All right, so, as we all know, we have big challenge uh for our environments. Global warming problem is there, temperatures are rising and, at the same time, emissions are increasing uh every year, and that is why uh United Nations have defined 17 goals to make uh this world a better place to live uh this. These goals uh not only covers uh their moments, but it also covers the human angle that human they should not be any poverty. They should not be in hunger, everybody should be healthy, they should be education to everyone.

D

Gender should be equal and we we should have all the countries, all the cities, everybody should grow and it should be inclusive economic growth for everyone, and there are 17 goals and uh the solution. What we are talking about, it's going to help us in achieving certain goals. Out of this 17.

D

So another action, so there, though those were the goals set by United Nation and also uh what United Nations did that came out with the Paris agreements uh in 2015 for Net Zero commitment for a livable climates.

D

So what is net zero, so Net Zero is uh basically we are talking about that. Whatever uh again house case submissions, are there whatever.

C

D

Generating the same time, we should be able to reduce that so net effect should be zero and we want to achieve that that they should not be a greenhouse gas emissions overall, and the target is uh kept that currently, we already have a temperature uh which is Rose in last 200 years, it's more than 1.1 degree, and the limit of the cap is 1.5, so they should not. The global warming effect should not be. The goal is that the temperature should not rise more than 1.5 degrees Centigrade.

D

So that's the goal and that can be achieved. uh If all of us we work together towards that and the targets are set and uh by 2030 almost 50 percent of the global uh uh greenhouse gas emission should be reduced and we're targeting that by 2050 we should be able to achieve Net.

C

D

uh For that uh uh there's a lot of commitment from uh all the major countries and uh most of the major countries have taken a place that we will reduce Global emissions by 2030.

D

around 70 countries. uh The major 70 are like top 70 countries. uh Basically, they have 76 percent of global emissions and uh they have set the target of Net Zero by 2050. uh in This. Global efforts is not only the government uh also at the same time, businesses, financial institutions, educational institutions, everybody is joining their hands uh and working towards that. So it's not the responsibility of only the government.

D

It becomes our responsibility as an individual or business owners to put efforts in reducing the gas emissions, but at the same time so far whatever Target we want to achieve. We are falling short of that.

D

The Target by 2030 is that we should be able to reduce uh almost 50 percent of 45 percent of the gas emission compared to the level of 2010.

D

uh If you want to keep our warming level within control of 1.5 degree Celsius, but uh as per the current action plans available, uh we may not achieve that, and uh rather there will be increase of 10 percent. What it means that the first, what are being put in so far are very less and it requires more efforts from all the governments and businesses.

D

uh If we want to achieve the goal, what we need to do is we have to take various action. We have to cut down a 30 Giga uh ton of greenhouse gas emissions annually.

D

For that uh the six major areas are identified.

D

uh One of the area is energy. That's uh we have to reduce our dependency on fossil fuels and shift towards renewable energy, and not only that we have to make our efficient equipment so such that we consume less energy.

D

Similarly, at the industry for their uh manufacturing or heat or AC, or what equipment they are using, they should be embracing renewable energy and make their equipment more efficient so that less energy is consumed. So energy consumption, energy, produ production as well as consumption, should be a renewable. At the same time, industry should also Embrace uh use of renewable energy. Similarly, we have to uh reduce a food waste because lot of food is wasted uh all over the world. In fact, uh we all know that at one side we are wasting the food another side.

D

uh People do not have enough food to eat, so we have to uh reduce the waste. At the same time, we have to uh go towards sustainable rights. uh The major thing. What we also need to achieve is restoring our ecosystem, so deforestation cutting down trees and rather putting more trees.

D

That is what we need to work towards, and finally, uh transportation and infrastructure. We can use EVN Global globally. We all are going towards the electrical vehicle or maybe using cycles and all that walking down so that it's healthy for us, so that can also help us in reducing uh greenhouse gas emissions.

D

Infrastructure should be such that uh we are using a low carbon uh in building our uh building or updating our infrastructure.

D

So it's not only that that we have to take actions for reducing gas carbon, but same time, it's very, very important that we have to account it because if we don't account uh in that case, what we have achieved will not know, and there will be various kind of issues, trust issues and the target, whatever are being Set uh will not know whether we have achieved that or not so. Measuring and tracking of emissions is for.

D

The projects related to green projects is very, very important, and that is where technology comes in picture so uh and blockchain Technology plays a big role uh when it comes to climate accounting, because it's a large ecosystem. It has so many different areas uh where we have to track carbon emissions.

D

So it's a large ecosystem and it's very complex. It's not easy for the government or for um businesses to track or accounts what what has been done, what has been achieved uh and because it's a large ecosystem trust is always challenged.

D

Transparency is needed uh overall, accounting, traceability and provenance of the missions, as well as savings.

D

It's required and blockchain can visit gaps or can help uh in much better way than any traditional or centralized technology, because being a being a decentralized architecture of blockchain Technology, it can help in bracing the gap of transparency and bringing overall trust, and that is a key and also it's. It can bring efficiency uh in accounting and trading of carbon credits for uh uh efficient reporting system.

D

So there uh currently many projects have been uh done on sustainability sites uh using blockchain.

D

As per on the report, which I could see that these are some of the reports, uh projects which are done in different areas, whether it's related to uh EAC reporting, waste management, recycling or responsible supply chain, sustainable agriculture, EV and plant actions. There are various projects which are either ordered, live or they are under development, and this is some of the projects as per this particular report. But otherwise, apart from that, many other projects are also being done like one of the project which you are working on so which is not part of this report.

D

So uh probably a lot of work is being done and uh definitely hyperledger, Linux and hypology also uh and done a lot of work, and this group itself is working towards that. Okay. So so far it was all uh generic stuff which I was talking about and now I will go into a detail of a specific solution. What we have built now within our company and uh uh I would like to make this session Interactive.

D

You can ask me any question: uh you can unmute yourself and ask questions so that uh we have better understanding, uh because you may not find a lot of content here, but I should be able to answer your questions. What has been done?

D

First uh I will start with the problem statement very specific to waste recycling, and this all is based on our experience, what we have with the kind of work we have done in India, and the problem statement is more relevant to Indian context, but I would say that uh even other countries are facing similar kind of challenge and the major challenge is the lack of Treasury and Trust uh when it comes to epr certificates.

D

Now let me spend some time what is epr APR is the extended producer responsibility, what it means that the producers, or the manufacturers or importer who are importing from outside of the brands?

D

Basically, these manufacturers or brand owners have a responsibility that whatever products they are producing or selling in the market and whatever uh waste they are generating and waste, could be any kind of waste, whether it's a plastic waste or the metal waste through the E-Waste or textile waste, any kind of waste which is being generated by consuming those products which are being produced or sold by uh those brand owners.

D

Then they have a responsibility to collect back that waste and report it back from the compliance point of view. It means that whatever waste is being generated by any producer, then the same waste needs to be collected back by them and that's their responsibility that, as per that responsibility either they can directly collect the waste from the markets uh and jelly. You might have seen like uh uh many manufacturer. They they ask through either through the retail stores or a specific uh uh locations through specific location.

D

They ask that you deposit, or you, submit your waste bottles or waste products, so uh either they collect their products uh waste directly or they can buy credits from other companies who are collecting waste on their behalf.

D

So, and that is why I'm using the word waste credits, so in India we are using the word epr certificates for compliance point of view, but it is as uh equivalent to waste credits, wherefore either plastic or battery or e-waste.

D

The Producers have the responsibility to collect it back and report back to the regulators, but the major challenge is uh of Trace between trust is because majority of the sector is informal and it's very high.

D

Probably it's a 10 to 10 percent of the 10 to 20 percent of the far uh uh waste collection is uh managed by some of the big players, and that is done in a proper fashion, whereas the majority of the collection is being done in a very informal way, and that is why uh traceability becomes very difficult and because of that, uh reliability of the data is a big challenge.

D

Accuracy of the data is a big challenge and frauds happen and uh many times even accounting is an uh multiple times the Epi certificate which is produced, even though there are checks and balances still.

D

Duplication happens over there and forth happen that for the same waste, whatever it has been collected, uh multiple certificates are issued from compliance point of view and still compliance a big challenge. uh It's very complex from that point of view and uh government is trying to bring different kind of regulations to make it uh more credible and more trustworthy.

E

D

Is a big problem statement and if I talk about the scale and especially in India I'm talking about that, so every year, around 10 million ton of plastic waste generated out of which 40 percent of the plastic waste is not collected.

D

There are 40 000 processing units. Basically, these are the processes, processors who, which are recycling Plastics.

D

There are more than 4 million people employed in the whole process, and uh these are 40 000. These are the processing units, but behind that they are uh uh there's a big ecosystem of waste, uh erect Pickers and uh waste collector and aggregators.

D

So it's a big ecosystem, especially in plastic, waste, uh E-Waste and Battery waste is uh uh not that of big ecosystem from people point of view, but the problem is much bigger uh uh in E-Waste and Battery waste in E-Waste, uh more than one million ton of easiest generated every year, but ninety percent of that E-Waste remains uncollected and if I talk about uh and Battery waste in India for known compliance itself, there's a penalty cost of more than six million dollar every year.

D

So this is these: are the some of the numbers to give a scale in India and there's a big impact of that. If I talk about because of the mismanaged waste, it impacts human health and every year more than half million people are die. Because of this, the other thing I'm putting one statement here that India has been ranked last among 180 countries on the environmental performance index 2022..

D

uh This is something uh which is which cannot be digested that, uh because, if I talk about India India recycling happens for decades uh in India this, that is a regular process that we have been doing the recycling of waste and still one VR went last.

D

The reason being is one of the main reason for this ranking is that the accounting? So so, whatever work we are doing, it is not getting accounted, and that is why uh such kind of impact is there, especially uh in ranking India. So impact is big in terms of minutes management of waste and.

C

uh Sorry, if I can ask you a question on that real quick, yes,.

D

C

A use case, the recycling certificates and so forth, um yeah. That makes a lot of sense, I'm, just curious on recycling. It's not 40 000 processing units. If you fold that into carbon accounting and Net Zero, do you have any idea if we um how much I know what this is true when it comes to metal recycling versus producing Metals? But how much is it? Are you also bundling into this beside the waste certificates? Also, the ability to do carbon, accounting and approach Net Zero by more recycling than creating new Plastics.

D

Yeah and so uh yeah.

C

So, are you saying in the work that you've done in in the use case on this uh when it comes to recycling, is recycling a lot less energy intensive or things like Plastics than there is producing them from raw materials? In this case, oil.

D

Yeah correct, uh so if we talk about overall uh carbon accounting point of view, uh uh the market is quite Big and, of course, uh waste is just one uh part of that.

E

Which is okay, not.

D

A very big part of that, but uh very, very important, uh component of overall sustainability. What we are talking about- and this definitely cannot be ignored- and this is uh one of the way that uh which we we can definitely can help in reducing or achieving our sustainable goals in terms of numbers, how the market is for overall, carbon credit, or that number is not handy right now with me and these numbers. What I'm talking about is mainly from the waste point of view.

D

This the number what I just shared, is uh from media point of view, and uh if you talk about at Global level uh from Global waste recycling Market size is uh around 60 UH 60, more than 60 billion dollars as on today, and it's a growing uh continuously, which is expected to be more than 88 uh billion dollar market by 2030.. So.

E

D

The numbers uh which are handy right now in from me, but otherwise uh uh I I, do not know the exact figures uh in other areas.

D

C

It answer your.

D

Question Jeff.

C

D

Yeah, thank you Okay, so uh the problem is big and impact is also big. So what is the solution? So the solution? What we have created is. uh First, uh we created traceably solution. When we are talking about traceability here uh we are bringing the entire ecosystem.

D

Together, we are bringing uh smaller players like uh uh based, aggregators or small processors uh on board in the formal sector, on a platform where they would be able to put in their information, using which uh we would be able to account how much waste has been collected from which place it has been collected because uh the kind of waste and from which area it has been collected and uh even uh whether it it gets collected from the ocean or from the land, so different kind of waste is there.

D

So it's important that we account from what is the source of that waste so collecting that waste uh like bringing on board the smaller players and collecting data from there and then uh connecting it to the processors who uh basically receives the waste which is supplied by the waste aggregator and the process.

D

The way the process works here is that there are small players for individuals or small players who actually collect uh waste from the land or the ocean, or from by going to different uh houses or different ways, and that waste gets uh the waste aggregator collects from that uh reg man or kabadiwala, and uh aggregate segregate that waste and create a bundle or bales out of those waste and those Bales are supplied to the processor or recycler, and the recycler does a recycling and then that waste goes to the producer who uses that recycled waste uh in manufacturing of the product.

D

Now in this process, there are two parts here: uh two kind of activity happens: one activity is a processing or recycling of the waste. That is one activity which is a physical material, and the second activity is that a certificate epr certificate is generated in this process, which is generally done by the recycler uh or the at the time of processing the waste.

D

So these two things happen at the same time that waste is recycled and it can be sold to anybody, whereas the EPL certificate, which is equivalent to the waste credit which gets sold to uh the manufacturers or producers who needs to comply right. So these two process happens so as part of our solution.

D

uh We track both the things one is that there's a complete tracking of the waste, also there's a tracking of the recycled material throughout the uh in throughout the uh value chain, Valley chain and the supply chain.

D

Also, at the same time, the epr certificates are the waste credit uh document. It is generated which is verifiable not only by the producer, also by the regulator, and that's also has a traceability, a tracking what it means that it becomes very, very important for their greatest known that there's no duplicate or it's not a fraudulent certificate, and they want to verify that.

D

uh It's uh uh it's a right one, it's not a fake one, and that is where, where precipity becomes very important, so traceability of the epr certificate waste credit uh up to the last level, it can be done by uh the stakeholders in this ecosystem.

D

Here we also have a certifiers who certify those certificates which are generated by the processor, that certificates can also be verified, and also uh not only the tracking as part of our solution. What we have done is that we are creating a token for those epr certificates and those tokens can be traded on a platform which can be bought by uh the producers or whoever needs those tokens from from compliance point of view uh before I go to the next slide. uh Do you have any question here.

E

uh Naresh, hello.

D

Yeah, yes, yeah.

E

Can you tell me, how do you ensure that the waste aggregator is not manipulating the data before it? They are entering it on the blockchain just to gain the APR certificate.

D

Okay, so we collect a lot of information at it, each and every stage.

D

Okay, which includes not only just the type of material in the quantity uh photographs are collected at each and every stage, uh along with GPS location, along with the um yeah, like the proof in terms of how much is the weight, what has been shipped from where it has been shipped, what kind, what kind of Transportation uh location?

D

So all those uh data is captured and that data is captured at each and every stage, for example, uh the waste aggregator when he ships the waste to a processor, so whatever uh he has shipped at the time. The data is captured at the same time when a recycler processor receives that material.

D

Even at that stage, uh information is captured that what they have received and it should match because the whatever has been shipped same thing should match, and uh because here we are talking about capturing the photograph geolocation time and all the information that is what gives us gives us entity of data and it's very very difficult and we would do a proper auditing.

D

We can easily find out that if somebody is trying to manipulate the data, so it's difficult to manipulate the data, because we are capturing data in real time uh and uh with multiple proof, points and they're linked together and there's a mass balancing.

D

So ultimately, uh uh that is uh the way uh it goes till the last and when we are talking about verification. So, okay, when we are printing APR certificate, then epr certificate.

D

All that information is printed at that time and okay, let me talk about some solution, point of view. So what happens here? uh The data which is captured at each and every stage uh goes in uh is stored in blockchain and finally, a eBay certificate is created based on the data from blockchain, as well as some data depending upon the kind of data is stored in uh a regular like of chain, so that data and the data from blockchain bases that APR certificate is created, and the hash of that is also kept on blockchain.

D

uh So the data is secure uh which cannot be manipulated by anyone in between, and that is what is used for verification, Purpose, By uh The Regulators, to ensure that the data is uh uh foolproof.

D

Does it answer your question harperi.

E

Od, uh yes, thank you.

D

Any other question from anyone.

F

So all the all the data entry is a data rendered or is there an iot integration? Anything like that happen.

D

At this point at this point of time we are not using the iot database. Oh yeah, okay. We are not using a iotd iot system at this point of time. It just saw the data entry uh done at the source and it's a these players who are doing the data entry. They are small.

E

D

And iot system may not work efficiently. Here might be expensive too, because these are small, small, aggregators right, small players, uh so everything is happens manually.

F

D

Any other question from anyone.

D

Okay, so uh I'll spend some more time on the solution in the next slide before that, uh I would like to talk about the benefits of the solution, the potential impact.

D

So here uh using this solution, we are doing a end-to-end test buddy and there's a transparency to all the relevant stakeholders.

D

And the main benefit is that we are bringing smaller players in a formal sector uh using which basically uh uh accounting becomes much better much more efficient and regulatory compliances are also achieved, that is, from the precipative point of view, reducing uh frauds and bringing the entire ecosystem uh in a formal sector, but same time we are also giving opportunity to smaller players to uh get the due wages or do a earning of their work done in terms in terms of right now. Currently, what is happening?

D

There are only few players which are large players are taking the benefit of all the ways collected by smaller players and the smaller players they simply collecting and giving it to the big players and big players are creating a wish credit and selling those risk credit to the producers, so 95 more than 95 percent of the sector even does not know about this. They are simply doing the work.

D

So here we are targeting that they should get their due earning or this, and we are opening not only that Market within India we're talking about uh making the market a competitive market in such a way that uh the producers there's a competition and because this, from compliance point of view, everybody needs this credits and uh if there's no competition currently uh so prices are less.

D

So if, when there's a competition because uh for bringing everything is a formal way, in that case, the prices would be higher and the smaller player small players will get uh uh the better prices, not only in India. We are talking about taking this in the global market and currently there's a big difference in the price of waste credits or plastic rates or metal credits sold in India and in the global market. There's a difference of folks uh 10 20 times.

D

uh So we are targeting that Indian players should have an option to sell their risk grades in the global market and get the higher price.

D

So as part of the solution, the potential impact would be that there will be opportunity for higher price and uh in a platform which is a where smaller players can also on board and create just the ecosystem will reduce frauds with the higher compliances. That's a benefit we're talking about now. Let me go a little bit in more detail uh or in a different ways about the solution, but before that this is my life's last slide. I guess uh yeah. This is my last last slide uh any question before this.

D

Any other question from anyone.

F

So, for for every metric ton of past Q recycling, how do you calculate the uh the tokens how many talkers get generated.

D

uh Okay, see your uh it's: we are not converting the waste credits into a carbon token uh because elect plastic credit itself is uh a sort of a token one or one unit measurement. So one ton of plastic is equivalent to one plastic token or one plastic credit that is a norm. Okay, uh so we don't need to convert that plastic credit into carbon token, like uh in other areas,.

D

So here conversion is not needed. The only thing what we need is the kind of waste uh which which is being recycled and the amounts and uh one ton is equal to one Base Credit for a particular type of waste.

F

Okay, but it shows about polygon integration for generating carbon tokens, so.

D

Oh sorry, this is uh okay I'm using the wrong word here. It's a waste credit uh because I use the word carbon grade for better understanding, but actually it's a waste credit. It's not a carbon bracket.

F

Okay, so those so these are the new tokens you you create, not the existing in not integrating any of the existing uh carbon type platforms.

D

No, no, no, no, no, no! No! No! No! No So! Currently, in this particular platform, we are not uh integrating uh any existing carbon tokens.

D

uh What we are talking about, only the waste credits or waste uh tokens which are being generated uh and the difference the beauty here is this solution in our Viewpoint uh few is uh uh gives a different uh thing. There are solutions which provides disability. There are solutions which provide uh trading of carbon tokens, but here we're talking about creating end-to-end solution and as per the standard end-to-end solution, uh we are giving a proof point to the waste token buyers.

D

That's the token, what they're buying that that they can verify authenticates, how genuine that token is, and so that there is no challenge in compliances and that's why we are talking about uh taking it to the global level, uh not only in within a country.

E

D

That's why and for this particular solution, which has been uh approved and authorized by ifsca, which is a International Financial regulative body, see we are working with them right now uh for validation of the solution with the uh with the customers.

F

Yeah, thank you. Yeah, okay,.

D

So as part of the solution, there are two parts here: one is uh one part is related traceability where the waste recycling is done and also a epr certificate is created. That is on the left side that the certificate is created and for that certificate we create a waste token.

D

uh Add a uh that it it does. It creates a token automatically uh which can be put on a Marketplace for sales, so that buyers can buy those uh waste tokens and use those tokens from compliance. Point of view and Regulators are also uh on boarded here, because whenever those tokens are offsetted from compliance point of view at that time, we need to retire those those tokens.

D

So the process here uh in this uh traceability part which you're doing till the certificate generation process, is done on a permission blockchain, uh which is a hyperledger fabric. We are using fabric for that, where all that there is recorded when we are talking about waste tokens, uh the tokens are generated on uh public blockchain.

D

As of now, we are using two different blockchain network, polygon and algorithms, and uh we are targeting it to uh give flexibility and the option to have to use multiple blockchain Networks and that's why uh I mean it's a it's a hybrid solution which you've created. uh It's not only permission the private or it's not only public. So it's a combination of both that's a hybrid uh blockchain. uh We are using here, which starts from waste metal trust me till uh carbon token retirement and the entire ecosystem comes from both.

D

So these are two different solutions, but integrated together, it's one single platform but connected with each other.

D

So uh this is uh uh the solution, and uh let me see what kind of question uh we can. We have around not much time five minutes, but uh we'll discuss.

A

um Thank you for the representation I'm wondering. Can you talk a little bit about um uh adoption and um you know what the what the barriers, what the challenges have been to get uh the marketplace to kind of accept um blockchain driven tokenization, uh for you know: waste uh waste credits, for example. How how are you experiencing that.

D

Oh okay, so uh we have done a pilot with one uh uh on the traceability side with one customer, because that part we have seen and uh we have faced uh challenges from adoption point of view. The challenge is mainly onboarding uh different uh players, because if you talk about waste, aggregator or recycler, these are small players and uh onboarding them is a big challenge.

D

So technology is not a challenge at this point of time so far, but main challenges onboarding them, that's one. On the other side things what we are think what we are doing currently with under ifsc under this regular design box, is trying to find out what kind of.

E

D

Challenges: regulatory challenges: we are going to face uh the solution. The way I've designed is in such a way that they should not be any challenge and that the challenge could be two kind of challenges. One is uh related to token, because suppose we are using a public blockchain in that case, ultimately, crypto token uh comes in picture and especially in India. The challenge is there uh from uh using crypto token point of view, but we have found a way and uh we are convinced them that uh we'll not be doing anything.

D

uh Any transition leads to token and it will be done in different way. That's one kind of challenge, the other kind of challenge which we are anticipating that uh because currently there's no regulations around that the whether we can sell our tokens in the global market and when we are doing that when we uh any foreign buyer comes on board when they buy tokens. Currently, there's no regulation and at that time, what kind of challenges we are going to face.

D

We are not sure, but that is what we are, anticipating, that a challenge can be there, and that is what exactly. There is exactly why we are working with ifsca because they want to see uh what would be the impact and what can be done uh in that area and related to that if they have, they have to create new regulations.

D

So adoption point of view, the major challenges is yes, bringing on board of so many.

C

D

uh Second is regulated challenges. That is what I would say. I would want to say at this point of time.

A

F

Very shout out of curiosity how much uh what is the cost of one plastic token, if you buy in the market today, one one plastic, credit.

D

uh In India is, uh it is getting sold in the range of ten dollars in the global market. uh It's between 200 to 800 dollars.

F

Oh so you're saying Global Market, there's eight hundred hundred dollar.

D

Two hundred to eight hundred dollars and in India it's ten dollars. Oh.

F

Interesting: okay, thank you.

D

And that that is, that is why uh uh we are talking about uh working in this fashion, that we should have enough competition. uh They should the people who are working this space. They should get there due.

D

uh Not only that, because this will help in bringing more players in the ecosystem, and also this will help ultimately in reducing uh uh the carbon footprints.

D

And this this can help us in achieving a sustainable goals, mainly uh 12 12 number, which is a ensure we are ensuring that uh water products uh we are producing or consuming. They are sustainable in nature.

D

That's the main goal of geotargeting here but same time, uh uh number 14, which is more for a ocean and Marina resources, because a lot of plastic goes into ocean and uh that will impact that as well.

D

So that that is it from my side, the uh I can take more questions, I'm open. You know, if you have anything else.

A

I'm, just looking I'm not seeing any hands raised, um naresh I really appreciate this presentation. I think you're in a really interesting space it's early days, but I feel like there's a lot a lot of opportunities there and I think that you um you've obviously done a lot of good work in developing the solution that you're developing so I'm looking forward to following your progress, um and uh perhaps we could Circle back.

A

um You know sometime next year and kind of hear about some of the you know: successful uh successful use cases um so um I, you know just uh I, guess: wrap up I, don't see any any hands. Is there anything uh an arrest that you'd like to to sharing in closing.

D

All right, no I would like to thank everyone joining this uh session and, in fact, uh yeah. Some of the people in fact interacted and asked the questions. It's important that we understand uh uh what what is our responsibility uh at the same time. uh Technology is very powerful and we can use this technology to make an impact, but it's a long journey. It's not uh simple, uh it's easy to say, uh but it's it's a long journey. It's going to take uh good amount of work and a long time to make an impact.

D

But yes, this is definitely an interesting space. I can say that yeah.

A

I appreciate that it is a long journey. um We've been uh we've been kind of talking about it and working on different things for for quite a long time and um a lot of pieces needed to come together in the space as a whole. But um it's through you know the energy and sustained effort of everybody involved that that we move things forward. So uh yeah I, really that's a really great note to close on um it's. uh It's Marathon, not a Sprint!

A

um Well, thank you again, naresh for for joining us. Thank you all for for joining us this morning and there will be a recording uh that we'll put up on the uh the the webpage of the meeting uh and looking forward to seeing you all in uh two weeks same time.

D

Yeah, thank you and thank you. Everyone. uh Thank you. David yeah.

E

Thank you thanks. Everyone thanks. Everybody.