DNP Group Adopts VeChain (VET) for Coffee Cups Recycling
In a bid to promote a global environmentally-friendly lifestyle, Dai Nippon Printing Group (DNP Group), a printing company that makes 30% of Japan’s drink bottles has adopted VeChain’s ToolChain to launch a new sustainable and circular economy proof-of-concept (PoC) project, according to a blog post on November 29, 2019.
DNP Group Uses VeChain’s Blockchain to Solve Sustainability Issues
As stated in a blog post, the DNP Group used VeChain’s ToolChain to roll out its sustainable and circular economy PoC project in collaboration with the VeChain distributed ledger technology (DLT) project, and Fresh Supply Co (FSC), a Brisbane-based blockchain firm.
Reportedly, the DNP Group’s project is aimed at using blockchain technology to promote sustainable actions and a global environmentally-friendly lifestyle by incentivizing people to recycle their coffee cups.
In this case, 8 million unique identifiers were created for each coffee cup, and these identifiers were stored on VeChainThor blockchain to aid in the traceability of people’s behavior from the time of purchase to disposal.
Consumers, on the other hand, had to scan the QR code on their coffee cups and take a selfie while discarding the object at designated recycling bins.
Each participant of the campaign was rewarded Social Good points that could be redeemed for handcrafted bamboo flasks.
Interestingly, each participant’s entry of their recycled cup was stored on the VeChainThor Blockchain but with the cup’s state changed from “purchased” to “recycled”.
“Since all information is securely time stamped onto the VeChainThor Blockchain protocol, anyone can verify the transaction, which is guaranteed to be accurate due to the immutable nature of the blockchain,” VeChain said.
Furthermore, the blockchain company noted that distributed ledger technology is a better alternative to the use of efficient urban planning and management practices that are more costly and laborious.
Vechain also revealed that DBIC, a Japanese Corporate Accelerator Program made its collaboration with DNP Group possible by introducing the blockchain company to the printing firm.
DNP Group is, reportedly, among the largest diversified printing companies in the world and it is an official partner of the 2020 Olympic and Paralympic Games in Tokyo.
The company has a market capitalization of about $10 billion, and it generates around $12,800 million yearly.
On the other hand, VeChain’s VET token has surged significantly by over 60% in comparison to its price at the start of the year.
BTCManager on November 8, 2019, informed that VeChain has partnered with DNV GL and ASI Group to launch a blockchain-enabled cross-continental trade solution.
On November 15, 2019, BTCManager also reported that leading Chinese tea producers have adopted VeChain’s ToolChain for supply chain management.