According to World bank's data it is expected that by the end of 2025 there will be 4.3 billion urban residents 1.42 kg/capital/day of municipal solid waste which in turn increase the economy if we efficiently manage waste.
Today IoT has capability to sense, collect, process and store these are the fundamental requirements that a waste management company needs pay attention to.Every waste management sector face problems in managing the micro payments here comes the use of blockchain in waste management sector and displacing intermediaries in terms of security and transnational over head cost.
Till now they are many waste management companies that are trying very hard to manage waste but every time they fail to do so because mostly by the payment system and they rely on third parties to handle this .Majority of the population in the developing countries still don't have their bank accounts so here blockchain plays a major role to get payments done with 100% success rate and that too on time.
Blockchain and IoT both are two emerging technologies that are believed to be in the same phase of INTERNET around 80's and 90's.
Most of the waste management companies use flat-rate based pricing system where there is no motivation for the people to produce less waste. A weight-rate based system on the other hand charges user certain percent
of money as per the amount of waste they produce. The lower they produce, the lower they
pay and vice-versa.Limitation of this would be we will have the data on the amount of waste generation.
In terms of waste management Sweden has most advance technologies that help them in creating value and keeping the surroundings clean they also import waste from several different countries to recycle the waste.
The characteristic feature of Internet of Things, as mentioned above, is suitable to address such
problem of related sensing, measurement and collection of waste related data. If we could use of IoT in
waste bins could measure the level of waste which can be used to charge users with appropriate
amount where the same data could be used to optimize the route of collection trucks, if the data is
publicly available. The pervasive nature of IoT, of course, has it’s advantages. On the other
hand, the associated privacy concerns can lead to reluctance of acceptance of such system, thus,
reducing its usability.
Blockchain provide an ideal solution to the privacy and security concerns by promising a highly
available, secure, decentralized and public network. Furthermore, blockchain’s support for payment
services has been tested and verified for nearly a decade now. IoT and Blockchain together
can address the drawbacks of traditional waste management system and has the potential to open
new business models that could benefit society and environment.