Stories of Impact Plastic Bank
Overview
Name: The Plastic Bank
Founders: David Katz, Shaun Frankson
Country: Canada
Website: Plasticbank.com
Inclusive Economics to Break the Cycle of Poverty and Ocean-Bound Plastic
The goal: Bring one billion people together from around the world to eradicate poverty and stop ocean-bound plastic. Big and Bold. And do so within notoriously highly-corrupted, low-trust environments.
Impact Innovation:
Plastic waste has convertible value. To the right people.
The Plastic Bank’s innovation is a market-based plastic recycling marketplace, whereby corporations and citizens (without government intervention) come together and divert ocean-bound plastic in exchange for the necessities of life that allude many in developing countries like Haiti, the Philippines, and Indonesia. Citizens can start their own business within this new ecosystem and be paid without being concerned about losing their funds to local bad actors. Social Plastic and a path to hope was born.
Cognition Foundry developed the bespoke digital blockchain-based marketplace platform. A digital token was created, thus ensuring funds get into right hands (and away from corrupt bad actors). The tokens are exchanged for healthcare, education, food, and medicine within a network of Plastic Bank retail storefronts. Trust was instilled into the platform through technology-enabled transparency to validate claims using Blockchain.
Ah-Ha Moments
Being clear on the Customer and the Beneficiary
Finding the right Customer Segment was vital. Once we understood Who truly valued our innovation from the demand side, our business started to rapidly scale.
David Katz,
CEO and co-Founder The Plastic Bank
CF Contribution
IT Strategy and Architecture
Guidance to the founders on how to start small and be prepared to scale, without sacrificing enterprise-grade availability and data security
Application Development
Blockchain-as-a-Service, Hyperledger, Mobile App
Infrastructure
Designed and maintained a hybrid cloud hosting infrastructure, including incorporating IBM LinuxONE with industry-leading 99.999% availability, scalability, resiliency and security
Social Investment
Early creative financing enabled the founding team to stay focused on scaling the impact instead of raising additional funds
Ongoing Application Support and Development
Cognition Foundry continues to work with the Plastic Bank, evolving their platform in response to stakeholder needs
“Our partnership with Cognition Foundry has been invaluable. It provides the knowledge and connections that have transformed us from a minor enterprise working with pen and paper to effectively having our own leading-edge technology division overnight…”