India-based climate solutions technology company Chainflux developed Tracer, a blockchain company, to allow companies to track and trace products through their supply chain and across their lifespan.
By securely capturing this data in real-time, Tracer says it enables companies to have an understanding of a product's lifecycle and can more easily identify where waste and pollution occur, so are better equipped to develop strategies to reduce them. Since its launch in 2021, it has tracked 6000 tonnes of plastic waste.
The platform also aims to support the implementation of closed-loop business models by facilitating the tracking and management of resources, materials, and products. Companies can use Tracer to monitor the reuse, recycling, or repurposing of materials and components, extending their lifecycle and minimising waste.
Tracer says it can also enhance transparency by recording information about products' lifecycles on the blockchain, such as product origin, journey, and condition.
It can also provide companies with verified information on sustainable sourcing and responsible waste management to show they adhere to circular economic principles for regulation compliance and certification.
Chainflux developed Tracer in collaboration with waste management company Saahas Zero Waste (SZW). It says the platform has enabled it to streamline waste management processes, optimise collection routes, and identify areas for operational improvement.
"Collaborating closely with Saahas, a premier player in the Indian waste management industry, it became easy to deploy with major fast-moving consumer goods companies, given that Saahas works closely with multiple plastics supply chain participants," said Abhinav Ramesh, CEO of Chainflux.