Applications on EmpowerChain
EmpowerChain seeks to revolutionize the circular economy by introducing various applications that harness the power of blockchain technology. These applications aim to provide solutions for tracking, incentivizing, and generating value within the circular economy. In this chapter, we will outline some key applications available or planned for EmpowerChain, including those launched at the time of mainnet.
Tracking and Proof of Existence
Proof of Existence is a crucial application that offers a secure, decentralized way to establish the existence and authenticity of data and documents. By utilizing cryptographic hashing and the immutability of the blockchain, Proof of Existence creates verifiable evidence that a particular piece of data or document existed at a specific point in time.
At launch, there will be a standalone application for Proof of Existence and an integration with the Empower SaaS Platform (used to make proofs of tracking data).
Later, there are planned comprehensive tracking solutions that build on proof of existence and other cryptographic privacy solutions to further increase transparency - without coming at the cost of privacy.
The Plastic Credits module enables the creation, issuance, transfer, and retirement of plastic credits, representing the collection and proper management of plastic waste. Empower Platform will integrate with the plastic credits module to issue plastic credits, which can then be sold by collection organizations to individuals or businesses interested in offsetting their plastic footprint.
To read more in-depth about plastic credits on EmpowerChain, please refer to the Plastic Credits section.
Plastic Credit Marketplace
In addition to the Plastic Credits module, there will, at launch, be a standalone marketplace where anyone can buy Plastic credits permissionless directly on-chain. In addition, the Empower Platform will integrate with the smart contract used to facilitate listings for collectors on the platform to list and manage their plastic credits on the marketplace easily.
Collection Incentive Schemes
EmpowerChain will support bespoke deposit systems for parties interested in collecting materials or products through incentives. EmpowerChain promotes the efficient collection, segregation, and recycling of plastic waste by facilitating various incentive schemes. Incentives can be monetary or gamification-based and paid in cash, vouchers, credits, or tokens.
The Deposit App is designed as an all-in-one application for managing collection rewards and other assets and NFTs related to EmpowerChain. Users can deliver their plastic waste through this mobile app by visiting a collection point and receiving collection incentives in exchange for their collected Plastic.
On-Chain Tracking Data Marketplace
In the future, EmpowerChain plans to introduce an on-chain marketplace for buying and selling tracking data. This privacy-enabled marketplace will allow stakeholders to securely access and exchange verifiable tracking data, improving transparency and trust in the circular economy.
Bridging Off-Chain Plastic Credits
To increase participation and accessibility, EmpowerChain intends to allow bridging off-chain plastic credits to its platform. This will require proof of retirement of these credits, enabling a broader range of businesses and individuals to contribute to global waste collection funding and participate in the worldwide cleanup effort.
EmpowerChain is committed to driving innovation and positive change in the circular economy through its diverse applications. By offering solutions for tracking, incentivizing, and generating value, EmpowerChain is paving the way for a more sustainable future. As more applications are developed and integrated, the platform is poised to be pivotal in transitioning toward a truly circular economy.
EmpowerChain is also meant to be a true platform where builders can bring innovative solutions to improve the world. With CosmWasm, we can deploy smart contracts and have new ideas grow on top of the strong foundation that is EmpowerChain.