The Plastic Bank created a Blockchain digital currency & exchange platform to incentivize the collection of plastic waste BEFORE it becomes Ocean Plastic. Social Plastic recycling ecosystems provide social impact & supply-chain authenticity. This creates hope, dignity, safety, and financial security through a root cause solution to ocean plastic & poverty.
Companies create an authentic impact by purchasing Social Plastic or contributing to the Social Plastic ecosystem. In addition to the benefits of recycling, the platform provides the ability for local entrepreneurs to operate a convenience store for the poor, in which plastic waste is the currency. It is a means for anyone to go out and collect enough plastic to provided for their families and send their children to school. All through the act of recycling.
In 2013, David Katz conceived the idea for a business solution to reveal the value in plastic, by making plastic waste too valuable to enter the ocean. Joined by Co-Founder Shaun Frankson they announced the concept of Social Plastic® to the world and went to work bringing it to life.
In 2014 The team spent time in Peru and Colombia to learn from the disadvantaged people who recycle for a living.
By mid 2014, The Plastic Bank successfully inspired a million person Social Plastic® movement with supporters asking companies to use #SocialPlasitc.
In 2015, The Plastic Bank launched its full operations in Haiti and introduced Solar Powered Recycling Markets to the country. In addition to a cash reward, these markets empowered people to exchange plastic for solar powered cell phone charging, sustainable cooking fuels, and more.
In 2016, The Plastic Bank started working with some of the largest organizations on the planet. Working with IBM, they expanded the vision to focus on building a global platform using Blockchain & Hyperledger Fabric on LinuxOne to create an APP based digital currency and exchange system.
In 2017, The Plastic Bank began operations in the Philippines. Preparations have started for further expansion into Indonesia and Brazil. The global launch of The Plastic Bank APP will allow for global expansion into every country.