The need for global payments is increasing daily. A key innovation that has simplified global payments is stablecoins. The emergence of various stablecoins is redefining the global payment system. With the help of stablecoins, individuals, businesses, and other entities can make seamless global payments.
The traditional financial system has several gaps that create challenges for businesses in cross-border payments. Some common challenges include settlement delays, high fees, and other inefficiencies. However, the rise of stablecoins has significantly improved global payments. Let’s explore how stablecoins are revolutionizing global payments.
An Insight into Stablecoins
Stablecoins are a type of cryptocurrency whose value is pegged to another asset, such as gold or fiat currency. The purpose is to maintain a stable value. Stablecoins first emerged in 2014, and since then, their popularity has grown significantly worldwide.
In the cryptocurrency space, the creation of stablecoins has been transformational. This is because these digital assets combine the benefits of blockchain technology along with high stability. As a result, the users of stablecoins can leverage the benefits of blockchain without having to worry about the volatility that comes with it.
Are you wondering ‘Are stablecoins used for payments?’ The answer to the question is yes. In fact, individuals as well as business entities have been leveraging stablecoins for the purpose of making payments, including global payments. Stablecoins have established themselves as transformative tools that have the potential to redefine the path of cross-border payments in the 21st century.
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Top Features of Stablecoins
Stablecoins have a number of distinctive features that make them unique. In order to understand how they are bringing about a change in the global payment arena, you need to familiarize yourself with the core features of stablecoins. The main features of stablecoins are:
Stability in price
One of the chief features of stablecoin revolves around price stability. Since these cryptocurrencies are mostly tied 1:1 to fiat currencies, they are highly stable. This makes them different from other cryptocurrencies, which may be volatile in nature. The consistency in their value makes it useful for diverse users.
Based on Blockchain technology
Since Blockchain technology serves as the foundation of stablecoins, they are transparent as well as secure. Furthermore, they serve as highly versatile tools to bridge the gap between the conventional finance landscape and cryptocurrencies.
Global accessibility
Since stablecoins operate within decentralized networks, it is accessible to anyone, regardless of their location. You just need to have a proper internet connection to use stablecoins as a financial tool. In fact, today the popularity of stablecoins for global payments is increasing like never before.
Maintenance of reserves
The stability of stablecoins is ensured through the maintenance of reserves. Reserves may be maintained either by keeping aside collaterals or by using algorithmic formulas for controlling supply.
Tools to generate passive income
Currently users of stablecoins have the option to use these digital assets to generate passive incomes. By using Defi platforms, users can generate stablecoins passive income. Thus they can generate regular returns with the help of stablecoins.
Currently, stablecoins are undoubtedly bringing about a revolutionary change in the global payment arena. By using these novel digital currencies, users have become able to overcome the hurdles relating to conventional financial instruments. Some of the unique ways in which stablecoins are transforming global payments include:
Faster transactions
By making use of stablecoins, it is possible to engage in faster or quicker transactions. This is because of the absence of any kind of intermediaries. Individuals or businesses do not have to rely on third parties such as correspondent banks, and transactions can be completed within a few minutes. When using conventional financial mechanisms while making cross-border payments, it may take a few days. However, by using stablecoins, it is possible to settle global transactions in an efficient and timely manner.
Low fees
A serious concern one has to face while making global payments revolves around cost. This is because traditional cross-border payments involve substantial costs. However, that is not the case when it comes to stablecoins. Stablecoins undoubtedly serve as a highly affordable and reasonable option while making global payments. Due to the direct nature of these transactions, users do not have to incur additional costs or fees.
High transparency
The application of blockchain technology in stablecoins ensures top-notch transparency while engaging in cross-border payments. Due to the presence of an immutable ledger that is visible to each and every participant of the blockchain network, a solid trust is fostered. Moreover, it also curbs the chances of fraud or manipulation.
High stability
A distinguishing feature of stablecoins revolves around the stability factor. It undoubtedly helps in mitigating the volatility associated with other cryptocurrencies. The high consistency in terms of value ensures users can use stablecoins as a highly reliable medium of exchange in the global context.
Better accessibility
In comparison to traditional banks and financial institutions, stablecoins can be accessed at all times. This feature promotes financial inclusion, and businesses can utilize stablecoins for making cross-border payments even during weekends or on holidays. Thus, the accessibility relating to global business transactions gets significantly enhanced.
Improved global reach
The emergence of stablecoins has certainly enhanced the global reach for diverse businesses. It serves as a highly effective payment tool when no other payment options are available. In regions with a low number of banks or financial institutions, users can make use of stablecoins to engage in cross-border payments. Thus, they can do business in spite of the presence of limited banks.
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Challenges Relating to Stablecoins
In spite of the fact, stablecoins hold significant potential while making global payments, numerous obstacles and challenges exist. If you wish to get a holistic insight into stablecoins and their applicability in the global payment context, you need to take into account the associated challenges. Some of the main challenges are:
Complex nature
One of the major obstacles arises when it comes to stablecoin payments revolves around its complex nature. Many users, including businesses, may find stablecoin arrangements to be highly complex and complicated. Thus, they may not show an interest in adopting stablecoins for making global payments or cross-border payments. It is a serious bottleneck one cannot ignore while discussing stablecoins for making global payments.
Regulatory concerns
The regulatory landscape relating to stablecoins has not been entirely developed. It undoubtedly increases the level of uncertainty for individuals as well as businesses for using stablecoins for making global payments. The lack of clarity relating to regulations and laws serves as a deterrent in the path of stablecoins. A well-developed regulatory ecosystem has to be in place to facilitate higher adoption of stablecoins for making cross-border payments.
Presence of digital divide
The presence of the digital divide is a serious issue that one cannot ignore in the present world. While there are certain nations advancing in the technological landscape, there are several other nations that are lagging. As a result, the use of stablecoins to make global payments may not be a feasible option for every nation across the globe. The lack of proper understanding of stablecoins may hinder nations from using them for payment purposes in a practical setting.
Bright Future of Stablecoins
It is true that there exist a number of challenges and concerns relating to stablecoins and their application in the context of global payment. In spite of these elements, the future of stablecoins for cross-border payments is full of promise. Regardless of the fact, stablecoins are fairly new, they have shown high potential. By using stablecoins, users can overcome several obstacles that they encounter while using conventional payment options. The fact stablecoins combine the benefits of blockchain along with price stability enhances their relevance for users.
In the current era, when technology is advancing at a rapid pace, the capabilities of stablecoins may reach new heights. As a result, individuals as well as business entities may be able to derive higher value from these novel cryptocurrencies. Today these digital assets are undoubtedly playing a major role to simplify cross-border payments.
The adoption of stablecoins to make global payments is most likely to gain momentum. This is because these types of cryptocurrencies have been successful to not only reduce settlement time but also streamline financial transactions across borders. The future of stablecoins definitely seems quite bright and prosperous. However, it is essential to address the concerns and challenges so that the potential of stablecoins can be maximized further.
In the present times, stablecoins have shown they have the power to transform the global payment landscape. These digital currencies are gradually transforming cross-border payments by facilitating transparency, transparency, security as well as stability. The emergence of stablecoins has certainly been a breath of fresh air for users such as businesses and individuals who engage in global payment transactions.
Stablecoins have been acting as revolutionary tools in the global payment realm by allowing faster transactions, lowering fees, improving accessibility, and ensuring stability. However, certain challenges such as the complex nature, regulatory concerns as well as digital divide exist. It is essential to consider the challenges along with the positive aspects of stablecoins to understand their true potential in the global payment arena.
*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. 101 Blockchains shall not be responsible for any loss sustained by any person who relies on this article. Do your own research!
Two men have been ordered to pay over £313,000 as part of a proceeds of crime judgement for their role in an illegal tyre waste site in Daventry.
At Northampton Crown Court last week, Nimesh Patel, 52, and Andrew Eyre, 55, were ordered to pay £313,382.45 during a confiscation hearing.
Patel was ordered to pay £175,013.93 and a £122 surcharge, while Eyre received an order for £138,368.52 and £140 surcharge. Both men were given three months to pay the costs or face three and two years in prison respectively.
The pair were prosecuted for their part in running a waste tyre site, Synergy Tyres (Midland), at Broad March Industrial Estate in Daventry.
In September 2024, Eyre, a director of the company, received an 18-week prison sentence that was suspended for 12 months on condition that he completed 30 days of rehabilitation activities.
Patel, who had been operations manager, was sentenced to 14 weeks imprisonment, suspended for 12 months on condition that he perform 80 hours of unpaid work.
Waste crime can have a serious environmental impact that puts communities at risk and undermines legitimate business…
The Daventry site operated without an environmental permit and tyres were stored in an unsafe manner, which created a significant fire-risk.
The Environment Agency said officers inspected the site multiple times in 2020 and each time found the amount of tyres being stored exceeded the legal limit.
The investigation found that the 40-tonne weekly limit for the storage or treatment of waste tyres was exceeded in 52 out of the 59 weeks analysed.
The investigation came after Eyre was convicted of a similar offence in January 2020. For this offence, Eyre received a suspended 12-month sentence, suspended for 24 months, on condition that he performed 150 hours of unpaid work.
Peter Stark, enforcement leader for the Environment Agency in Lincolnshire and Northamptonshire, commented: “The case shows that we’re not just content to prosecute those who run illegal waste sites, we’ll also come after them to get back the profits they made from their illegal activities and to recoup taxpayers’ money spent on pursuing them.
“Waste crime can have a serious environmental impact that puts communities at risk and undermines legitimate business and the investment and economic growth that go with it.”
In the dynamic blockchain environment, having a clear understanding of on-chain cryptocurrency transactions is essential. These transactions are integral to the functionality and security of blockchain technology. On-chain transactions refer to cryptocurrency transactions recorded directly on the blockchain ledger.
What makes these transactions unique is their permanence in the immutable ledger. Once these transactions are validated and confirmed, they become a part of the main blockchain network. Let’s explore on-chain cryptocurrency transactions in greater detail.
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Mechanism of On-Chain Cryptocurrency Transactions
On-chain cryptocurrency transactions represent the process of transferring digital currencies directly within blockchain networks. A particular mechanism is followed in these transactions, ensuring that they are recorded and verified in a secure way. Below are the key steps involved in on-chain cryptocurrency transactions:
Transaction initiation
The basic step involves the initiation of a transaction. This occurs when a user intends to send cryptocurrency to another user. The transaction is initiated via their digital wallet.
On-chain transactions may contain important details, including the sender’s and receiver’s wallet addresses and the amount being sent. It must also contain a digital signature to verify the identity of the sender.
Transaction broadcasting
After the initiation of the transaction, it is broadcasted to all nodes in the network. This means that the information about the transaction is sent to all nodes within the blockchain network.
Each node plays a crucial role at this stage. Each node is responsible for maintaining a copy of the blockchain. Moreover, it must take part in the validation process of the transaction.
Validation and Consensus
After a transaction is broadcast, it becomes a part of the mempool. A mempool is a temporary queue containing unconfirmed transactions. Nodes use a consensus mechanism to validate transactions.
The two common methods of the consensus mechanism are proof of work (PoW) and proof of stake (PoS). The PoW method involves miners solving complex mathematical puzzles. It ensures transaction legitimacy and prevents double-spending. In the PoS method, validators can create new blocks based on the cryptocurrency amount they hold and the amount they wish to stake as collateral.
Addition in a Block
After the validation process comes to an end, a transaction is put along with other transactions into a block. Every block has a number of transactions, a reference to the former block, along with a distinctive cryptographic hash. The existence of such linking ensures the creation of an immutable and safe chain.
Confirmation and Finalization process
It involves the addition of the new block to the blockchain network. This process is called confirmation. It makes the particular transaction permanent in nature. As a result, no one can alter it in any manner.
The total number of confirmations received by a transaction impacts its level of security. Typically, a higher number of confirmations implies a higher security level of the specific transaction.
Advantages ofOn-Chain Transactions
On-chain crypto transactions have several advantages. You need to know these advantages to understand why these transactions are called the backbone of blockchain technology. The major strengths of these transactions, which contribute to their rising popularity in the crypto community, are:
High security
One of the main advantages of on-chain transactions revolves around their top-quality security. They are highly secure since they cannot be changed or altered after being recorded within the blockchain network. Due to this feature, it is nearly impossible to manipulate or tamper with transactions. A highly popular example of an on-chain transaction with a high level of security is Bitcoin.
Better transparency
Another important advantage of on-chain cryptocurrency transactions is related to their transparent nature. Since all the transactions are recorded in a public manner it is possible for everyone to check them. There exists a high level of transparency as all details are visible to everyone. Thus, such transparency creates trust among users within the blockchain network.
You should be able to answer the question – ‘What is on-chain analysis in crypto?’ to make the most of the transparent setting. By conducting such analysis, you can examine data within the network and gain valuable insights into market trends.
Eliminated need for central authority
The concept on which on-chain transactions are based undoubtedly eliminates the need for a central authority. As all the data and details are stored within the network, an environment of trust is built. Such decentralization makes sure that no single authority has the power to control the system. Therefore, on-chain transactions enhance the overall integrity of the blockchain system.
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Disadvantages of On-Chain Transactions
It is important to bear in mind that on-chain transactions come with certain disadvantages, which users must understand. By understanding these drawbacks, you can gain a comprehensive understanding of on-chain transactions. Some of the key disadvantages of these transactions include
Concerns regarding scalability
One of the main disadvantages is related to scalability. Since these transactions require a consensus mechanism at the network-wide level, the transaction speed may decline. Moreover, as the chain expands, the need for resources to maintain and validate the transactions may increase substantially. Hence the network may ultimately become inefficient owing to the scalability challenges.
High level of cost
Another major disadvantage of on-chain transactions centers around high cost. Users who wish to engage in such cryptocurrency transactions generally have to incur certain fees. Furthermore, the fees may be high for users if they choose blockchain networks with a high congestion level. For small-scale users the high cost relating to on-chain transactions may act as a barrier. Similarly, if individuals wish to conduct transactions of small value, the high cost may act as a major hurdle for them.
Privacy Issue
The high transparency in on-chain cryptocurrency transactions has the potential to give rise to privacy concerns for users. This is because all the transaction details are directly available for everyone to see within the blockchain network. The absence of privacy is a drawback for users who are looking for confidentiality within the network.
What makes On-Chain Transactions different from Off-Chain Transactions?
While on-chain transactions take place within the main blockchain, off-chain transactions occur outside it. As a result, off-chain transactions are not recorded immediately on the network. Due to this feature, these transactions are not only faster but also cheaper than on-chain cryptocurrency transactions.
Users of cryptocurrencies need to know the difference between these two types of crypto transactions to make the appropriate selection.Some of the main differences between on-chain and off-chain transactions include:
High speed of transaction
One of the chief points of difference between on-chain and off-chain cryptocurrency transactions is related to transaction speed. The speed of on-chain cryptocurrency transactions is low, whereas the speed of off-chain transactions is high. While on-chain transactions need to wait for validation and confirmation, off-chain transactions do not have to wait for the same. Thus, the processing of off-chain crypto transactions is almost instant.
Cost factor
Another thing which gives rise to the difference between on-chain transactions and off-chain transactions is related to the cost factor. Off-chain transactions are undoubtedly a much more affordable option for users. These transactions typically involve no fees for users. On the other hand, users who wish to engage in on-chain cryptocurrency transactions have to incur high fees for the same.
Level of risk
The risk involved in on-chain transactions is much lower than the risk in off-chain transactions. One of the main concerns users of off-chain transactions have to face revolves around a low level of transparency. Since the recording of the transactions is not immediate, concerns regarding transparency arise. Similarly, off-chain transactions may have higher vulnerability when it comes to fraud. This risk may arise due to the presence of limited security features in the case of on-chain transactions.
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When to Choose On-Chain Transactions
Since you have familiarized yourself with on-chain transactions, you may be wondering when to choose them. If so, you need to keep in mind the following points. They will definitely help you derive the most value from on-chain cryptocurrency transactions.
If you wish to engage in high-value transactions, you must choose on-chain transactions over off-chain transactions. On-chain crypto transactions are ideal in these scenarios thanks to their high security and transparency. There is no need to worry about fraud, as their top-notch security makes them an ideal choice for users.
However, if users wish to engage in regular or day-to-day transactions on the blockchain, they can opt for off-chain cryptocurrency transactions. Since these transactions are fast and affordable, they are the perfect option for such transactions. If you want to make payments of small value, you can certainly choose off-chain transactions. Thus, these two types of crypto transactions are ideal for different scenarios and situations. You need to carefully choose them depending on the type of transaction you wish to do.
Conclusion
Within the blockchain network, on-chain cryptocurrency transactions play a major role for users. These transactions ensure top security and transparency while removing the reliance on a centralized authority. A proper understanding of the underlying Mechanism of On-Chain Cryptocurrency Transactions is essential for every crypto user. The working of these crypto transactions involves a series of processes, including initiation of a transaction, broadcasting of transaction, validation and consensus, addition in a block and confirmation and finalization process.
In order to understand on-chain cryptocurrency transactions at a holistic level, you must consider their advantages and disadvantages. As a crypto user, you need to take these aspects into account when choosing transactions. Furthermore, you must also carefully consider the core features of on-chain and off-chain cryptocurrency transactions so that you can choose the suitable transaction type to meet your specific needs.
*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. 101 Blockchains shall not be responsible for any loss sustained by any person who relies on this article. Do your own research!
Repair businesses in three London boroughs are offering 50% off professional repairs as part of the “UK’s first” electrical repair voucher scheme.
Local businesses in Hackney, Haringey and Waltham Forest will accept discount vouchers from 1 April, which are being funded by North London Waste Authority (NLWA) and delivered in partnership with The Restart Project, ReLondon and FixFirst.
North London residents can apply for a voucher online and will receive a QR code to use at participating high street repair businesses.
Customers receive their discount of 50% (up to £50) at payment and the businesses claim back the cost.
Fiona Dear, Co-Director at The Restart Project said: “Repair is hugely popular, but cost is one of the main reasons that people don’t fix their electricals, so we’re delighted to be trialling the first electrical repair voucher scheme in the UK.
“The trial will directly reduce repair costs for Londoners, encourage more people to try out repair, and support north London’s repair businesses.”
The trial will directly reduce repair costs for Londoners, encourage more people to try out repair, and support north London’s repair businesses.
The voucher scheme officially launched with an opening event taking place at Neil Electrics in Wood Green, attended by Mete Coban MBE, Deputy Mayor of London for Environment and Energy and Chair of ReLondon, and Fiona Dear, Co-Director of the Restart Project, among others.
Councillor Clyde Loakes MBE, Chair of North London Waste Authority said: “Offering people discount vouchers is a fantastic way to make repair affordable and attractive and support the move towards a circular economy.
“This initiative has great potential – not only to normalise getting everyday items fixed instead of replaced, but also to give us the evidence we need on whether discounted repair services can keep things in use for longer.”
The Environment Agency has granted an environmental permit to the operators of a proposed landfill site in Exeter, following a public consultation.
The environmental permit sets out “strict conditions” for operating the proposed inert landfill site at Lower Hare Farm in Whitestone, Exeter.
In reaching the decision, the Environment Agency agreed that GRS Stone Supplies Ltd had met all of the necessary criteria required for the environmental permit to be issued.
An environmental permit sets the conditions which must be adhered to when operating the inert landfill site. It covers the management and operation of the site and the control and monitoring of emissions.
Commenting for the Environment Agency, Chris James said: “We have carefully considered all of the submissions and feedback we received during our public consultations, and we thank everyone who took the time to contact us with their views.
This permit will ensure that robust levels of environmental protection are applied.
“This permit will ensure that robust levels of environmental protection are applied. Our permitting decision process is objective and based on the applicant demonstrating they will meet the legal requirements outlined in the permit.”
When the Environment Agency considers a permit application, it reviews the design of the proposed site, how it will be operated, the emissions it will generate to air, water and land, and whether it will meet the required standards.
Partner organisations, including the UK Health Security Agency, are also consulted as part of the process.
Issues such as suitability of the location, operating hours and traffic management are considered by the planning authority, not the Environment Agency.
An independent review of Defra’s regulatory landscape recommends allowing regulators to issue fines for minor waste offences without going through the Court system.
The review by former Labour adviser Dan Corry found that the current environmental regulation system is “outdated, inconsistent, and highly complex”.
The review concludes that a “bonfire” of regulations is not the solution. Instead it makes 29 recommendations for streamlining regulation, all of which the government says it is actively considering.
Environment Secretary, Steve Reed commented: “Nature and the economy have both been in decline for too long. That changes today.
“As part of the Plan for Change, I am rewiring Defra and its arms-length bodies to boost economic growth and unleash an era of building while also supporting nature to recover.”
This review clearly shows that simply scrapping regulations isn’t the answer – instead, we need modern, streamlined regulation that is easier for everyone to use.
The review recommends that the Department for Environment, Food and Rural Affairs (Defra) review the entire approach to enforcement and sanctions for environmental regulation to bring as much consistency as possible in the approaches taken for different offences.
In the waste sector, the review says Defra should consider allowing regulators to issue speedy fines for minor offences without going through the Court system. It also recommends considering tougher penalties for deliberate non-compliance and persistent offenders.
Dan Corry, an economist and former charity leader who led the review, commented: “Our current system for environmental regulation lets down both nature and growth; we must focus on good outcomes and nature enhancement, not on rigidly preserving everything at any cost.
“This review clearly shows that simply scrapping regulations isn’t the answer – instead, we need modern, streamlined regulation that is easier for everyone to use.”
The UK Government has also launched a rapid review to deliver on legally binding environmental targets.
WRAP launches a free-to-use tool for local authorities to complete their written assessment in line with Simpler Recycling legislation.
Simpler Recycling legislation requires local authorities to collect paper and card separately from other dry recyclables unless it is not technically or economically practicable or there is no significant environmental benefit.
Local authorities are required to provide a written assessment where one or more of these apply.
WRAP has developed the eTEEP tool to support local authorities complete a written assessment using pre-populated, standardised data from WRAP’s LA Portal.
The eTEEP (Electronic Technically, Environmentally and Economically Practicable) tool is supported by the Department for Environment, Food and Rural Affairs (Defra).
While using the tool is not compulsory, local authorities must ensure their written assessment meets an evidential standard that satisfies the Environment Agency.
WRAP’s eTEEP tool is available from the start of the financial year and will be accessible through WRAP’s LA Portal.
The tool contains up-to-date information obtained through WRAP’s research and engagement with local authorities.
Local authorities can use it to compare collection scenarios, assess the impact of a range of waste and recycling collection systems and generate modelled outputs.
Gold has always been recognized as the ultimate symbol of wealth. However, the reputation of gold has reached new heights thanks to the concept of gold tokenization. The novel process has made it possible to represent physical gold in the form of digital tokens on blockchain networks. Although the concept is fairly new, it has shown immense potential along with promise. This gold tokenization guide will help you explore the concept in depth. You can understand how gold tokenization serves as a highly flexible and secure medium for trade. Let’s dive deeper into the guide of gold tokenization and examine it closely.
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What is Gold Tokenization?
Gold tokenization is a process involves the conversion of tangible or physical gold into digital tokens that are powered using blockchain technology. In recent times it has emerged as a highly transformative force in the investment arena. Many individuals today consider gold tokenization to be a smart investment option.
In the case of gold tokenization, every single token serves as the representation of a specified amount of gold has been stored in insured vaults. Moreover, it is backed at 1:1 with tangible allocated bullion. The particular token can be bought, sold, or exchanged, just like any other cryptocurrency. The fact that gold tokenization is based on blockchain technology, complete visibility exists for users. Thus, there is no concern about security or fraud. The promise of the innovative idea is evident from the fact tokenization Goldman Sachs has shown immense interest in it.
How Does Gold Tokenization Work?
In order to understand the gold tokenization concept thoroughly you need to answer the question ‘How does gold tokenization work?’ If you are wondering about this question, the answer is quite straightforward. The gold tokenization process involves a series of processes.
Acquisition of gold
The very first step in gold tokenization involves the acquisition of gold. Thus, an entity or institution needs to acquire physical gold. Furthermore, it has to be stored in a secure and safe vault.
Issuing tokens
The next step involves the creation or issuance of tokens. The specific entity is responsible for issuing digital tokens on the blockchain. It is essential to remember every token corresponds to a specific amount of gold. It could be one ounce or one gram of gold.
Verification of ownership
In the subsequent step, the focus is shifted towards the verification of ownership of the digital tokens. With the help of Blockchain technology, it is possible to engage in a seamless and real-time verification process. The transfer of ownership takes place when tokens are traded.
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Benefits of Gold Tokenization
In the current times, gold tokenization is considered to be a highly useful process in the world of investment. By combining physical gold with the concept of digital tokens, several benefits have emerged. Some of the chief benefits of gold tokenization include:
Small ownership
The emergence of the tokenization concept, especially the gold tokenization concept, has been transformational. This is because it has become possible for individuals to own fractional amounts of gold. Thus, they do not need to purchase an entire bar of gold. Instead, they can become the owners of digital tokens which represent gold. This benefit has certainly made gold accessible to a wider audience.
Higher liquidity
Another benefit of gold tokenization revolves around higher liquidity. Typically, the gold market has always been quite slow, with limited liquidity. However, due to the concept of gold tokenization, there has been a significant improvement in its liquidity. In fact, gold tokenization supports fast, secure and seamless trades at the global level.
High transparency
One of the core benefits of gold tokenization centers around the high degree of transparency. As blockchain serves as the foundation of the novel concept it is entirely transparent. So, users and investors do not have to bother about fraud or manipulation. Since there exists an immutable record relating to ownership, a sense of trust exists in the community.
Cost efficiency
A major advantage of gold tokenization is highly cost-efficient practice. When it comes to conventional gold practice, a common concern arises is related to secure storage. However, thanks to the concept of gold tokenization, you do not have to worry about this. Since tokenized gold is securely kept by credible custodians, you do not have to worry about it.
Global reach
Gold tokenization certainly eliminates barriers relating to geographical boundaries. In conventional gold ownership, one heavily relies on intermediaries or physical transportation. However, this is not the case when it comes to gold tokenization. This is because you do not have to go to a specific location or destination. All you need is internet access so you can trade in digital tokens representing gold.
The potential of the gold tokenization concept has been recognized by one and all today. In fact, the Goldman Sachs tokenization platform also intends to make the most of the concept and derive immense value from it.
Challenges Relating to Gold Tokenization
It is true that gold tokenization promises to give rise to a broad range of benefits. However, it is equally true that there exist certain challenges one cannot ignore. In order to get a holistic insight into gold tokenization, you need to look at the below challenges and concerns:
Regulatory concerns
One of the fundamental challenges revolves around the lack of clarity relating to regulations and legislation. Due to this, there exists certain ambiguity for investors you just cannot negate.
Trust
In order to ensure trust at all times it is essential to carry out audits at regular intervals. Furthermore, it is equally important to focus on transparent reporting practices so investors will have faith in the concept of gold tokenization.
Risks relating to technology
Gold tokenization is based on technology. Thus, it is true technology-related risks arise. For example, vulnerabilities in smart contracts can act as a major concern for investors and users. In case such concerns arise in the case of Goldman Sachs crypto people may start getting anxious.
High reliance on custodians
When it comes to gold tokenization, the role of custodians is crucial. In fact, without their involvement, it is not possible to go ahead with the practice of gold tokenization. These custodians need to showcase faith in the novel idea so they will be willing to take part in it. Without their direct involvement, the gold tokenization process may falter.
Volatility risks
In the crypto space, a common source of concern is related to market volatility. Although digital tokens representing gold may not be directly volatile in nature one cannot ignore they are traded on a volatile platform. This may automatically give rise to a certain degree of concern for diverse participants.
These are some of the most common challenges that arise when it comes to gold tokenization. In order to derive optimum value from gold tokenization it is instrumental to identify, address each of these challenges in a proper way. By addressing them it is possible to extract maximum worth from the novel practice in the crypto ecosystem.
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Future of Gold Tokenization
The future of gold tokenization is certainly full of promise. Although there exist certain challenges relating to gold tokenization the innovative concept can revolutionize the investment and trading landscape. In spite of the fact that the gold tokenization practice is relatively new, it has given rise to new possibilities for investors as well as traders.
With the evolution of blockchain technology, new opportunities along with new possibilities may arise in the context of gold tokenization. It may certainly encourage new participants including individuals and organizations to engage in the practice. In the future, it may become a viable investment option that people may accept as well as adopt at the global level. Thus, it has the potential to transform the face of investment entirely.
The merger of asset security with technological advancement has undoubtedly positioned gold tokenization as a transformative force. With the growing popularity of the novel idea, people may show high enthusiasm to trade in digital tokens to become owners of gold. It may also transform how people invest in gold in the current era. Since the gold tokenization concept is still in its nascent stage it is better to wait and watch to understand its growth path.
Conclusion
The concept ofgold tokenization has been nothing less than revolutionary in the current era. It has shown how it is possible to fuse together the security of gold and the novelty of digital transactions. A gold tokenization guide provides detailed insight relating to how gold tokenization works and can help you derive optimum value from the innovative idea. In fact, you can leverage the gold tokenization concept for trading purposes. In order to help you understand the true promise that gold tokenization holds, you must understand the benefits, as well as challenges of novel concepts.
*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. 101 Blockchains shall not be responsible for any loss sustained by any person who relies on this article. Do your own research!
New research shows that almost 7 billion plastic bags will be used for UK deliveries by 2030, widening the gap between high-street and online retail efforts to move away from plastic bags.
An analysis by Development Economics, commissioned by sustainable packaging business DS Smith, found that the UK is now the largest individual market for e-commerce plastic delivery bags among large European economies.
Since the 5p charge for plastic bags was introduced in 2015, bricks-and-mortar plastic bag use has fallen by 98%.
However, the research estimates that the number of bags in use for UK deliveries is set to increase by 40% between now and 2030.
This means by 2030, 1.3 billion plastic delivery bags will be used, adding up to 6.9 billion bags in the next five years, according to the analysis.
To avoid undoing the progress of the plastic bag levy, DS Smith is calling for legislation to evolve in line with e-commerce growth and for retailers to speed up efforts to replace plastic bags.
The research found that only 9% of the fashion e-commerce bags delivered across the UK are currently being reused or recycled, while the remaining 91% end up in landfill or incineration, equating to 857 million bags just last year.
According to the analysis, over 1 billion plastic bags will end up in landfill or burned annually by 2030.
While online shopping has grown, e-commerce retailers lag high-street stores when it comes to replacing plastic bags.
Commenting on the research, Stefano Rossi, Divisional CEO of Packaging at DS Smith, said: “While online shopping has grown, e-commerce retailers lag high-street stores when it comes to replacing plastic bags.
“It will be tempting for businesses to fixate on price, but sticking with plastic comes at a cost – consumers don’t want it, and brands risk their reputation by ignoring that.
“We think legislation can and should be more demanding of us all – phasing out certain plastics to help create a level playing field that encourages innovation, investment, and generates healthy competition to replace plastic.”
According to the research, 67% of people want plastic bags phased out where replacements are available, and 60% of shoppers say they prefer to receive their shopping wrapped in cardboard or paper.
51% of UK shoppers say they feel guilty about the amount of plastic their orders come in and think the responsibility to reduce the use of plastic sits with retailers. 46% say they’d be more likely to order from a fashion retailer that uses easily recyclable packaging.
News updates written by CIWM’s commercial partners.
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Vision Techniques | Taking steps towards improved mental health – Vision Techniques raise money for Mind Charity
Commercial Vehicle Safety and Security specialists, Vision Techniques, have raised an incredible £1,150 for mental health charity, Mind.
Six of the Vision Techniques head office team decided to take part in 56 Miles in February for Mind Charity to open up conversations regarding mental health as well as attempting to raise as much money as possible so the charity can help people across England and Wales.
The team, which included Finance Director Sarah Wood, Managing Director Dave Smith, Chloe Wilson, Nico Cobbold, Mikaeel Koornhof and Nicole Maffia, did an incredible job with some covering more than the required miles. Nico on her own managed to raise a brilliant £520.
Dave shared why the vehicle safety and security specialists wanted to take part. He said: “We are so proud of our teams achievements, and we want to thank every single person who donated to the cause because you are the ones making the real difference.
“Mental health awareness is so incredibly important and we hope the money we have raised helps to make a difference. We want all of our employees to know that our doors are always open.”
Vision Techniques has evolved into one of the UK’s largest vehicle safety equipment providers, supplying to industries including waste management.
Their solutions spanning over three decades include vehicle cameras, collision avoidance systems, braking systems, and solar power technology, enhancing fleet solutions.
Nuclear Waste Services | NWS appoints Seth Kybird as Interim CEO
Seth Kybird.
Nuclear Waste Services (NWS) has today announced that Seth Kybird has been appointed as Interim Chief Executive Officer (CEO) of NWS. He succeeds Corhyn Parr who has led NWS as CEO since its formation in 2022.
Kybird will take on the role on1 April, and joins NWS on an 18-month secondment from Nuclear Transport Solutions.
NWS Chair Liz Peace said: “I am so pleased that Seth is taking on the role of NWS CEO. He has an outstanding track record of leading and developing organisations. His experience at Nuclear Transport Solutions will be hugely valuable and means that he’ll be able to hit the ground running as we continue to deliver our vision to make nuclear waste permanently safe, sooner.
“I also want to offer my thanks to Corhyn Parr for her contribution to NWS and for her outstanding leadership. As NWS’ first CEO, Corhyn has played a vital role in establishing NWS since its formation in 2022, and its many significant achievements since then.”
NDA Group CEO David Peattie said: “I am delighted that Seth is stepping into the role of NWS CEO. During his tenure as NTS CEO, Seth has been a key figure in the NDA group’s leadership team. His extensive experience and knowledge will be invaluable in leading NWS. I want to extend my thanks to Corhyn and wish her all the best as she embarks on new challenges.”
Seth Kybird said: “It is a huge privilege to be joining NWS as CEO. NWS plays a vital role in protecting people and the environment today as well as taking responsibility for future generations. I’m looking forward to working with NWS colleagues, our stakeholders, and communities and building on successes and progress in priority areas, such as the safe operation of the Low Level Waste Repository in Cumbria and delivery of a Geological Disposal Facility.”
Seth Kybird has been CEO at NTS since its formation in 2021. Before becoming CEO at NTS, Seth was Managing Director of International Nuclear Services. He is also a former strategy consultant and chartered accountant, having previously worked at NDA, KPMG, and Deloitte.
Supported by NWS, the nuclear industry already safely manages radioactive waste – and we will enable the UK Government’s net zero ambition by preparing to safely manage future waste.
NWS is part of the NDA group, which has a mission to safely, securely and sustainably decommission the UK’s oldest nuclear sites, leaving them ready for their next use.
VEV | VEV solves power supply constraint for EV charging with solar carport and battery storage microgrid for Dawsongroup
VEV, the e-fleet solutions provider backed by Vitol – a world-leader in the energy sector – together with UK commercial van rental business, Dawsongroup vans, are proud to unveil a flagship clean energy fleet electrification facility at Dawson Road, Milton Keynes.
VEV provided a full turnkey solution from planning and design to power connection, procurement, project management and build of the clean energy microgrid comprising solar power, battery storage and 34 EV chargers. The Dawson Road site in Milton Keynes is the largest hub for Dawsongroup vans’ vehicles and fleet maintenance operations.
The state-of-the-art microgrid features a powerful 262kWp solar energy system with two double cantilever carports. The 300kWh battery units store energy generated from the solar panels and then charge vehicles, reducing demand on the national grid. Electric vehicles supplied to customers from Milton Keynes will have been charged using renewable energy.
As part of the five-year full-service package, the microgrid and charging ecosystem is managed through VEV’s proprietary data platform, VEV-IQ. This integrated charger and energy management system operates the charging infrastructure and uses intelligent load balancing to optimise energy usage across all sources – the grid, solar power and battery storage. It provides invaluable insights to the fleet manager to maximise operational and cost efficiency.
Dawsongroup vans is forecasting carbon emissions savings from the project of 65 tonnes per year. The business will showcase the new clean energy ecosystem as part of the work its ‘Team Target Zero’ advisors do to assist customers and suppliers with their carbon reduction plans. The sophisticated ecosystem at Dawson Road plays a crucial role in reinforcing the cost and efficiency benefits of switching to electric fleets.
With a nationwide fleet of 13,000 vehicles and a fast-growing EV estate, Dawsongroup vans is at the forefront of innovation and electrified solutions in commercial vehicle hire. The group’s Smarter Asset Strategy solutions provide businesses with the flexibility to adapt to new technologies and a changing world by utilising usership over ownership. They support customers transitioning to net zero through advice on alternative fuel and power sources, streamlining processes, and improving efficiencies to save energy and money. Read more about the Smarter Asset Strategy here.
Mike Nakrani, CEO of VEV said: “We are delighted to work with a nationwide service provider that’s on a mission to inspire more fleets to make the switch to electric. It was fantastic to see the microgrid and EV infrastructure become a reality at Dawson Road in December after breaking ground in Spring 2024. We are looking forward to continuing to work closely with the team there as our experts in energy and operations leverage VEV-IQ to optimise the clean energy ecosystem and deliver cost-efficiencies for Dawsongroup vans.”
Stephen Miller, CEO of Dawsongroup said: “As a leading player in the UK’s commercial vehicle hire sector, Dawsongroup has a desire to help lead the way in decarbonising fleets. We chose to leverage VEV’s expertise in delivering end-to-end electrification solutions for our Vans business and can now show our customers how they can thrive in the electric age and meet emissions-reduction obligations. We’re delighted with our new clean energy microgrid at Dawson Road and are exploring how to bring electrification further into our business.”
Dennis Eagle | Dennis Eagle cleans up with double triumph in MGTS Apprentice Awards
Two prestigious awards recognising excellence in apprenticeships across the Midlands have been won by Dennis Eagle and one of its apprentices.
Alongside winners from PepsiCo, Morrisons, Warburtons and Carlsberg, Dennis Eagle received the prestigious Employer Recognition Award from educational charity Midland Group Training Services (MGTS) for its outstanding contributions to engineering apprenticeships. Adding to the celebration, the Warwick firm’s Sean Williams was named MGTS’ Graduate Apprentice of the Year.
“For those who are considering an apprenticeship, the experience of learning in a classroom while doing practical on-the-job work will be a good foundation for work experience and provide good opportunities that normal employees might not get during their first few years of working at a company,” says Sean Williams. “I enjoyed the wide variety of work as well as the range of responsibilities I was given.”
For more than 30 years, Dennis Eagle has worked with MGTS to provide exceptional apprenticeship opportunities. Over 50 engineering apprentices have received training through the partnership with many going on to achieve senior roles within the truck manufacturer’s business, exemplifying the long-term career opportunities available. “I am looking forward to being a full-time employee of Dennis Eagle and the opportunities that come with that position such as the option of doing a university degree,” adds Williams.
Sean Williams’ four-year apprenticeship involved extensive hands-on engineering experience before moving into design, building knowledge and relationships as he progressed. Whilst working on the next generation of refuse collection vehicles, he also achieved a distinction in his BTEC Level 3 and a Merit in his HNC Level 4 diplomas. “Sean embodies the spirit of hard work and growth that apprenticeships aim to foster,” says MGTS’ training and development advisor, Luke Bennett. “His achievements and professionalism serve as an inspiration to aspiring engineers.”
Dennis Eagle’s long-term support for apprenticeships saw it also scoop the Employer Recognition Award from MGTS. Dennis Eagle’s dedication to apprenticeships is a testament to its commitment to engineering excellence and talent development. We look forward to continuing this successful partnership,” adds Bennett.
Augean | Augean awarded multi-year contract with bp
Augean has been awarded a multi-year contract with BP to manage drilling waste, specifically focusing on processing drill cuttings from the company’s operations in the North Sea.
With an impressive track record of over 19 years without a lost time incident (LTI) offshore, Augean brings extensive experience and specialised expertise to the drilling waste management sector.
Augean’s offshore containment equipment significantly reduces the risk of environmental release during operations, supported by a robust fleet of over 500 skips, ensuring service availability and reliability. Augean’s state-of-the-art EcoCentre facility in Peterhead, located at one of the UK’s primary oilfield ports, is designed to treat contaminated drill cuttings.
It facilitates compliant recovery and disposal while minimising the carbon footprint associated with transporting offshore waste.
Peter Marioni, Chief Operating Officer for Augean North East Scotland, expressed enthusiasm about the contract, stating, “This contract is a great win for Augean and reflects our strong track record in drilling waste management. We invest heavily in both our equipment fleet and our personnel to ensure we can always meet customer demands and provide a comprehensive and reliable service, and I am delighted to bring our expertise to this contract with bp.”
WRA | Wood Recyclers’ Association appoints new Chair and Deputy Chair
Mark Hayton has become the new Chair of the Wood Recyclers’ Association (WRA), taking over from Richard Coulson who steps down after a four-year term.
Richard chaired his final members’ meeting and AGM in Bristol yesterday (March 19), before handing over the reins to Mark, director of wood recycling company EGGER Timberpak, which sources waste wood for EGGER’s chipboard production sites.
Mark has a detailed knowledge of the waste wood sector, having grown Timberpak from a single site processing 20,000 tonnes-a-year to a four-site operation processing more than 400,000 tonnes of waste wood a year.
At the meeting, WRA board member Richard Jenkins, CEO of Seras, was also appointed WRA Deputy Chair/Chair in Waiting. In this role, Richard will work closely alongside Mark to steer the work of the WRA.
Richard Jenkins replaces Andy Hill as Deputy Chair, with Andy now departing the board alongside Alan Webb. A former WRA Chair, Andy now becomes an Honorary Life President of the WRA.
Furthermore, Elizabeth Green of Community Wood Recycling and Oliver Latter from Veolia were elected as new members on the WRA Board.
Mark said: “It is a privilege to be appointed Chair of the WRA and I look forward to working alongside my fellow board members to build on the strong foundations built by my predecessors. There is a lot going on in the industry at the moment which impacts our members and I will be honoured to represent the sector as Chair.”
Richard Jenkins said: “I’m delighted to take on the role of Deputy Chair at what is a pivotal time for the sector and look forward to working with Mark to drive forward the WRA’s important work.”
Julia Turner, Executive Director of the WRA, said: “Mark has been a prominent voice on our board for the last 11 years and he and Richard Jenkins bring with them so much expertise and leadership experience. I look forward to working with them both to ensure the WRA continues to deliver for its members and represent them at the highest levels.”
“I would also like to welcome to the board Elizabeth Green and Oliver Latter, who have a wealth of experience in reuse, recycling and waste management and will be very valuable additions.”
“Finally, a huge thank you on behalf of everyone at the WRA to Richard Coulson for his unwavering commitment and dedication to the WRA. Richard has expertly led our Association over the past four years and we are very pleased that he will remain on our board and continue to lead our biomass advocacy work.”
Green Space Innovations | Green Space Innovations Launches Innovative Waste Management Solution: Greenscope
Green Space Innovations is excited to announce the launch of its latest offering, Greenscope, a groundbreaking product designed specifically for the commercial waste sector.
As a start-up dedicated to empowering businesses to adopt sustainable practices for a cleaner future, Green Space Innovations believes that efficient waste management is key to achieving environmental goals.
Greenscope stands at the forefront of Green Space Innovations commitment to innovative waste solutions. This cutting-edge tool empowers facilities managers and their teams to monitor and analyze waste output across entire buildings, individual floors, or specific occupiers.
With real-time tracking and performance monitoring, Greenscope fosters better communication among team members and tenants, ensuring a streamlined approach to waste management.
In conjunction with the launch of Greenscope, Green Space Innovations is thrilled to offer a limited opportunity for CIWM members businesses to participate in a free beta trial of the product. This exclusive trial will allow participants to experience firsthand how Greenscope can enhance waste operations and contribute to sustainability goals.
“We recognize that effective waste management is a critical component for businesses striving towards sustainability,” said Alfie McMahon, Director at Green Space Innovations. “Greenscope not only provides valuable insights into waste output but also fosters collaboration among teams to improve overall performance. We are confident that our innovative solution can help businesses transition to more sustainable practices.”
Interested businesses are encouraged to reach out for further details on the beta trial. To participate and gain access to this game-changing platform, please contact Green Space Innovations at contact@greenscope.net.
WasteRecruit | Revolutionising the search for advanced green skills
Industry experience suggests the development of green skills requires more than an academic approach.
Certifications are important, qualifications hold huge value, but what companies really need right now is people that can apply their knowledge and skills to solve very specific problems.
Many of these problems are one’s that businesses haven’t had to address before now. As a result, many of these roles are new. Companies are creating them because they’ve identified that they need to move in a different direction, due to either changing legislation such as EPR or even growing consumer pressure.
What’s interesting is that many of these roles are in mid to senior level management. This highlights that companies don’t just need people with certifications. They need candidates with operational experience, who have a strong commercial understanding, and know how to work with and develop people.
In waste management specifically, companies are experiencing rapid growth and they need people with the skills to develop new opportunities, grow teams and keep operations efficient and compliant as the business grows. But with demand far outstripping supply, where will these managers come from?
Hiring good managers requires a focus on skills
In truth, while experience in waste management in some form is generally preferred, it’s not always essential. This is the secret to closing the green skills gap, especially in management.
Finding the right skills may start with a job title or description, but anyone can copy a list of requirements across to their CV and make it sound as though they’re a good fit for the role. Understanding what skills are needed for success, that dives deeper, because then regardless of background or experience, a candidate can be tested for those specific skills.
As an example, consider a role in operations management. There’s a technical operational element in keeping facilities working and ensuring that maintenance is proactively planned. Plus, there’s a responsibility to maintain operational efficiencies by continually measuring performance and spotting opportunities for incremental improvements.
Good managers understand the importance of these operational areas and do them well, but that’s just the technical foundation of their role. Real success requires strong leadership, people management and soft skills, not just managing shifts or KPI’s. Here’s what this looks like:
A good health and safety record is essential for successful operations and a strong H&S culture is developed over time through strong leadership. Managers who are good at this know how to communicate effectively and develop standards and expectations that the team internalises and takes ownership of. Good managers know how to communicate well and engage with people on all levels of the organization.
In addition, good managers are willing to step down to the operations floor and support the team when necessary. They take the time to listen to problems and encourage input on ways to solve them. They’re conscious about identifying individuals with potential for development, and then taking steps to develop them.
Developing green skills in management is all about focusing on skills
As you can see from this example, there’s a lot involved to being an operations manager. It requires someone who is both structured and strategic in their approach, but who still has the ability to adapt to changing circumstances. They need to know how to delegate and trust others, whilst having the structure to ensure they can oversee and monitor effectively.
When you understand all that’s involved in a management role, it’s easier to see why qualifications listed on a CV rarely guarantees a candidate’s ability to be successful in the role. Also, when you’re assessing candidates based on skills, there’s no need to limit the search to specific industry experience and this broadens the candidate pool.
Developing green skills in management is about revolutionising the approach to recruitment and its game changing. Evidenced by industry feedback:
“Working with WasteRecruit allowed us to pinpoint and focus on specific areas crucial for achieving successful outcomes as a Plant Manager with PMG. Several months on this candidate is performing very well and has become an asset to the Team,” Mark Day, Managing Director, PMG, says.
Collectively we have an opportunity to drive this revolution, starting with identifying which management skills are more important to specific companies, and adapting the interview design and personality assessment to match. Then, using that to assess candidates and identify who has the management skills needed, we can help stimulate the development of green skills to match the growing demand.
Fleetclear | Fleetclear improves bin lifting operation safety
Fleetclear has launched a unique Vehicle Lift Information System (VLIS), enhanced with AI technology, to reduce the risks associated with bin lifting operations in the waste management industry.
There is a long history of incidents involving bin-lifts, involving entanglement and entrapment of crew members, or even the ‘picking up’ of individuals and dumping them in the hopper. Sadly, some of these accidents have resulted in fatalities.
According to a HSE search of the *RIDDOR database 389 incidents were reported between 2012 and 2022 and of these there were 30 occurrences of people being lifted by a bin-lift.
Bin lifts demand constant situational awareness and if proper procedures aren’t followed serious accidents can occur in the danger zone between the barrier arms.
Fleetclear’s VLIS is type approved and is effective with every type of bin lifting mechanism. It can be fitted retrospectively to all makes and models of Refuse Collection Vehicle (RCV).
Chris Waller, Chief Technical Officer, Fleetclear said: “There are a range of situations that can occur, which can lead to operatives becoming injured by bin lifting mechanisms. These include clearing debris, dealing with falling or dislodged bins, and attempting to stop the hopper from overflowing.
“We have developed our Vehicle Lift Information System using AI detection to actively monitor this danger zone during lifting operations. If a person or object is detected in the designated area the lifting mechanism is automatically and immediately disabled preventing entanglements and significantly reducing any risk of accidents and injuries.”
In November 2024 the Waste Industry Safety and Health Forum (WISH) produced a document on the *’Safe Use of Automatic Bin-Lifts on RCVs’ to provide supporting advice to fleet operators about what action to take to improve standards of safety associated with existing fleets of RCVs.
The document points out that procedures alone are ‘a weak risk control measure because people make mistakes, get distracted or fail to follow systems.’ It goes on to point out that ‘Technology now exists which has the potential to significantly improve the safeguarding of these machines.’
Fleetclear’s VLIS uses intelligent AI camera image recognition algorithms to filter out non-human objects to avoid false activations. The detection zones are adjustable and can be tailored to accommodate different vehicles and lift types.
Event reconstruction with video and telematics data showing each activation is also available when the system is used in conjunction with Fleetclear Connect software and Fleetclear DVR camera systems.
Why Fleetclear? With over a decade of expertise delivering credible solutions proven in the field, Fleetclear helps fleets operate safely, efficiently and responsibly. With fully qualified in-house engineers and leading after sales support and warranties, Fleetclear is your fleet safety partner.
Greyparrot | Greyparrot targets high-value plastic waste in major AI update
Waste intelligence company Greyparrot has announced a major update to its Analyzer system, designed to identify high-value plastics and persistent contaminants at recovery facilities.
The latest expansion to Greyparrot’s AI waste recognition library will enable facilities to target plastics based on opacity and colour and distinguish between clear plastic objects, which the company says will improve its customer’s ability to target the most valuable material in plastic streams.
New AI capabilities driven by industry demand
Greyparrot cites customer demand for the expansion, noting that opacity and colour have a significant impact on the value of materials like HDPE and PET.
The new categories were also selected for their ability to help recyclers distinguish between food grade and non-food grade materials, with more context on clear plastics making it easier to determine the previous function of waste objects.
In an effort to help facility operators maximise product quality, Greyparrot engineers also consulted with customers to add categories for contaminants that pose a threat to purity.
Key additions include:
Enhanced PET differentiation: New classifications distinguish between translucent and opaque PET bottles, helping facilities prioritise the valuable clear and translucent materials sought by plastic reprocessors.
Expanded HDPE categories: HDPE bottles are now separated by colour, enabling operators to target the white HDPE that commands higher prices, and monitor the proportion of coloured HDPE in final bales.
Detailed clear container classification: Six new subcategories for clear pots, tubs, and trays enable operators to determine whether objects are lids, trays, or fragments, providing an extra layer of detail on polymer composition — and insight into the material’s food grade status.
Targeting of persistent contaminants: New recognition classes help facilities detect and address common contaminants such as CDs, gloves, shoes, and various types of plastic tubes, including those used for cosmetics, toothpaste and silicone sealants.
Greyparrot’s technical team have noted that this expansion is also a milestone in wider AI accuracy, explaining that each additional category they add improves the overall performance of their analytics models:
“Each time our taxonomy grows, our data becomes more specific, and weight estimates become more accurate,” said James Paterson, CTO at Greyparrot. “With these new capabilities, we’re giving operators the information they need to enhance sorting accuracy, improve bale quality, and ultimately increase material value.”
How granular plastic recognition translates to value for recovery facilities
Greyparrot’s team have said that AI waste analytics systems need to evolve alongside changing waste streams in order to help facilities meet the growing demand for high quality recycled plastic:
“With extended producer responsibility (EPR) fee modulation on the near horizon and Europe’s PPWR scheme now coming into effect, materials like rPET and rHDPE are likely to become premium commodities,” said COO Gaspard Duthilleul. “We are making it easier for facilities to focus their processes on high-value plastics today, so that they are prepared to supply a functioning circular economy with pure material when regulation starts driving that demand. This expansion is a significant step forward in closing the loop on plastics.”
Waste intelligence at PRSE
While the expansion has already been rolled out to facilities around the world, Greyparrot have announced that they will be demonstrating their systems’ expanded recognition capabilities at the upcoming PRSE conference in Amsterdam.
Members of the Greyparrot team will be sharing live demos of the Analyzer system at Stand K122 for the duration of the event.
VEV
Augean has been awarded a multi-year contract with BP to manage drilling waste, specifically focusing on processing drill cuttings from the company’s operations in the North Sea.
Mark Hayton has become the new Chair of the Wood Recyclers’ Association (WRA), taking over from Richard Coulson who steps down after a four-year term.
Industry experience suggests the development of green skills requires more than an academic approach.
Waste intelligence company Greyparrot has announced a major update to its Analyzer system, designed to identify high-value plastics and persistent contaminants at recovery facilities.