EcoEx leverages blockchain tech to offer waste management services

New Delhi-based EcoEx is the first Indian digital marketplace that offers plastic waste management services, waste commodity trading and technology consulting services. It handles plastic e-waste in the Extended Producer Responsibility (EPR) services. It also sells waste commodities and offers technology consulting for setting up of recycling units, waste to energy plants, and waste to oil plants.

In an exclusive interview with Bizz Buzz, EcoEx Co-Founder & CEO Akshaya Rath explains how their team works together to build a safe and a waste free ecosystem.

Mumbai

What are the company's offerings?

EcoEx is a first-of-its-kind electronic marketplace designed to promote a digital evolution toward a cleaner future. The firm developed 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 and waste commodities anytime, anywhere. EcoEx has also developed the first decentralised, block chain-based, credible plastic credit system.

What was the idea behind establishing the world's first decentralised, blockchain-based plastic credit system?

EcoEx created the world's first decentralised, blockchain-based plastic credit system and migrated to Hyperledger, assisting people in understanding and implementing circular economy concepts. The company's goal is to create a sustainable ecosystem and a waste-free future with monetary benefits. EcoEx provides a variety of waste management services, including EPR services, commodity trading, technology consulting, and the sale of environmentally friendly products.

EcoEx has leveraged the latest technologies to provide services by digitising the entire process and incorporating blockchain. Blockchain technology makes it possible for anyone to track the services offered by the firm, resulting in transparency, instant traceability, efficiency, automation improvements, and enhanced security.

How is the EcoEx roadmap different from other waste management companies?

We provide an Indian digital marketplace where recyclers meet brand owners and provide seamless transaction of plastic credit, assisting in the fulfillment of the plastic EPR as per the PWM guidelines 2016. EcoEx has 630+ members connected on our portal to provide a digital ecosystem for members to connect anytime and anywhere to generate plastic credit.

We offer technology consulting, commodity trading, and the sale of eco-friendly products, all with the goal of creating a sustainable ecosystem and a waste-free future with monetary benefits. We have launched the world's first decentralised, blockchain-based plastic credit system.

Tell us about the challenges faced in the waste management Industry?

The waste management industry faces a material quality challenge because 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 calorific 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. In addition, a lack of access to technology may impede the recycling process.

We would like to hear more about the mission and vision of the company?

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

What are the innovations/up-gradations that you are currently working on that might soon be launched in the market?

We have already started assisting and recycler partners to register in global carbon registries & generate plastic credit certificates which can be sold in global exchanges & fetch significant momentary value for next 10 years. We have recruited subject matter experts for ESG audit and very soon start providing "BRSR & ESG" services to our partners and other enterprises.

What is the present waste commodity trading market scenario in India?

India's annual demand for plastic packaging stands at 20 MMT – out of this, 15 MMT is met by virgin plastics and 5 MMT from recycled plastic materials. It has also been estimated that 45 per cent of the 20 MMT – nearly 9.6 MMT – is consumed immediately and released as waste into the environment and surroundings.

The remaining 55 per cent (close to 11.4 MMT) is the growing stock which is used for products with longer life-span, such as batteries or bottles. The plastics industry employs almost 1.6 million people, directly and indirectly. The increasing awareness of the benefits of waste segregation and strict government regulations are driving the market growth.

EcoEx, founded in 2020, is constantly innovating and investing in new technologies to stay ahead of the competition.

Who all are the company's major clients abut?

Supreme Agro, Marico, 'Mrs. Bector food specialties,' Canon, Bengal beverages, UNDP, CocaCola, Dabur, and Bikanervale are just a few of the firm's well-known clients. With over 630+ members on its portal,it offers a digital ecosystem for members to generate plastic credit whenever and wherever they want.

What is the growth path for you?

In sync with our role of empowering the recycling industry, we have identified following areas, wherein we are building technology tool to improve outcomes and help our community to leverage our e-marketplace:

 Providing finance under EPR framework from PIBO's

 To optimise their procurement cost by using market place and reverse option tools.

 To get better price realization for their finished goods.

 To assist them to generate plastic credit certificates for selling in domestic and global market

What will be the company's strategies for the forthcoming year?

We are working to create a vertical portal for recycling industry to automate their procurement process for goods and services. The proactive measures taken by Government of India in this space, including penalties is helping more and more number of entities to register in CPCB online portal, which will help in gathering the relevant data on post-consumer waste collection, recycling and incineration.