Circulogy: An AI-Enabled Blockchain-Based e-Waste Management Framework Using Non-Fungible Tokens (NFT) to Achieve Net Zero and Imply the Circular Economy
Md Mahmudul Hasan, Rajesh Kumar Plamthottathil, Jabed Morshed, Dipto Sarkar, Nazia Hameed, Silvia Cirstea
Abstract
Overconsumption of resources is a global issue. To deal with resource depletion and mitigate impending crises, the circular economy (CE) solution provides an ecosystem by reducing waste via the reuse, repair, refurbishment, and recycling the existing materials and products. However, as the complexity of supply chains is increasing an effective CE management is very crucial. We want to address this issue by performing a feasibility study with AI-enabled blockchain technology using our developed customised NFT platform, TrackGenesis NFT, along with the OpenSea.io architecture for CE management to decrease transaction costs, enhance performance and communication along the supply chain, and reduce carbon footprints. Circulogy is an e-waste management system that can respond to supply chain challenges using blockchain technologies. A supply chain can get complicated very quickly, considering that each product component has its supply chain. In our proposed solution, blockchain provides a solution to this by establishing transparency in every node of the product's lifecycle and users can exchange or sell/buy NFTs. There are multiple copies of the audit trail for every transaction using blockchain, which will provide the ability to track and reuse/recycle Waste Electric and Electronic Equipment (WEEE).