FAQs about Alchemy
- How do you use blockchain?
- How do members make sure their plastic collections are recorded properly by the collection branch?
- Are the personal details of the members and digital tokens safe and secure in the PlasticBank® App?
- How does the PlasticBank® app serve as a means for traceability of collected plastic from the time of exchange all the way to store shelves as products and packaging made with Social Plastic®?
- Do you have any third-party certification?
How do you use blockchain?
Plastic Bank utilizes a GDPR (data privacy & security) compliant, hybrid blockchain in which key transaction data is stored and securely synced to Alchemy’s private database.
The energy efficiency is maximized by using Alchemy’s proprietary system rules to approve and secure transactions and data visibility, which eliminates the need for mining or other high-energy usage consensus protocols common to public blockchains.
This hybrid solution ensures near real-time efficiencies, with GDPR compliance at the lowest energy cost possible while maintaining the immutable trust and security of blockchain.
How do members make sure their plastic collections are recorded properly by the collection branch?
Collection community members can view a record of their transactions with their collection branch in the Exchange History tab within their PlasticBank® app account.
In addition, Alchemy and our internal auditing processes ensure that the right people are paid the right amounts at all times.
Are the personal details of the members and digital tokens safe and secure in the PlasticBank® App?
Alchemy and the PlasticBank® app are built with GDPR compliance by design to always ensure the highest level of data security and data privacy. Plastic Bank has a global policy to hold each country of operation to the highest data privacy and data protection standards as set by the GDPR (General Data Protection Regulation) in addition to any local policies that exist.
Plastic Bank’s last GDPR audit and compliance certification was issued in November 2022 by Bureau Veritas Certification.
How does the PlasticBank® app serve as a means for traceability of collected plastic from the time of exchange all the way to store shelves as products and packaging made with Social Plastic®?
Plastic Bank can provide real-time, audit-ready traceability for Social Plastic® feedstock and Plastic Credit Offsets with 18+ age-verified registered members. This is enabled through certified PlasticBank® app-enabled locations throughout our supply chain, from input to output, in multiple countries at scale.
The PlasticBank® app is used to record the details of every exchange from our registered collection members to our collection branches, all the way to the processor who ships the materials for manufacturing. When the branch delivers the collected plastic to our processing partner, the processor issues a printed receipt showing the type and volume delivered to them. Alchemy and the Plastic Bank team validates the material received with the app recordings to unlock the bonus payments throughout the plastic chain.
We continuously invest in and leverage our multi-user, multi-function Alchemy technology platform to ensure everything we do is built for trust at scale.
Do you have any third-party certification?
Plastic Bank has received the following recognitions:
- Upgrade from Bronze to Silver Sustainability rating by Ecovadis – The EcoVadis rating is awarded to companies that meet rigorous sustainability standards in four key areas: environment, labour and human rights, ethics, and sustainable procurement. Receiving a silver rating from EcoVadis means that a company has scored between 45 and 64, indicating that Plastic Bank has demonstrated a commitment to sustainability by integrating sustainability into its strategy and operations and has established policies and management systems to address sustainability risks and opportunities.
- Global Recycled Standard Certification – Global Recycled Standard (GRS) is a voluntary, international certification that verifies the content of recycled materials in a product. The certification requires companies to meet strict criteria such as tracking and verifying the amount of recycled materials used in their products, and proving that the materials are sourced responsibly and adhere to social and environmental criteria. We are compliant with Textile Exchange’s Global Recycled Standard.
Learn more in our blog post.