We are ReFund, a team of New York City based entrepreneurs attempting to bring the current recycling supply chain onto its own blockchain. By combining IoT hardware, blockchain technology and a sharing economy model, we believe we have a solution to closing the current supply chain to make recycling a more sustainable process.
Our project consists of three main parts: Hardware, cryptocurrency, and a decentralized network (Blockchain), each providing a valuable service to the existing supply chain.
Through ReFund, users are able to recycle individual products in our smart recycling machines and be instantly compensated for a portion of the real time market value of the material being recycled. The ReFund machine digitally backs the supply of a specific commodity collected and broadcasts its value across a peer-to-peer decentralized network where it can be tracked and traded. This broadcast is used to determine the amount of digital currency to pay the user.
Once the machine is filled with recyclable materials, collectors are then able to fulfill the contract by picking up the materials and transporting them to nearby recycling facilities. This decentralized sharing economy not only reduces frictions within the current supply chain but also allows everyday consumers to take part and profit within it as well.
We believe that this system could demonstrate a new use case to finally address incentivization programs within recycling especially within smart city development. We thank you all for your continued interest and look forward to your support!
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