We want to help companies and individuals record their contributions that add value within the context of a circular economy. These records can serve as a sustainable reputation for the users attached to their online sovereign digital identity (an account owned by them, not a third party. see the open source code below). We will use digital ledger technology to make the records, and the data will be owned by the users of the system. We will also create tools for the community to make decisions about the ledger data, for example what the reputation of sustainability is in the local context. We expect that creating these impact metrics will pioneer the standards needed to scale investment and adoption of circular economy products locally, and globally. These metrics can be encoded into smart contracts for business models of Economy 2.0 - for example companies can agree to pay back investors only after satisfying fulfillment of the agreed upon regenerative practices.
We are currently completing case studies of companies exhibiting circular economy practices that cannot be captured in the current monetary system. With these case studies, we hope to develop the initial framework of metrics and smart contracts for regenerative business models. For example, we will record the use of plastics for the entire lifecycle of production for companies and individuals in a pilot and we will incubate ideas for companies that want to reduce their plastic use. We will create a reputation system, transparently with the community, around the use of plastics. Companies with high reputations will create metrics that set the standard for investment into companies that are actually reducing plastics. The metrics and digital tools for recording them will be open source.
We have just completed two MIT events where people thinking about different things related to blockchain and identity came together to exchange ideas. The circular economy and the systems that we are building are currently being used as test cases for much of the code being written at MIT. Our goal for now is creating community around the open source technology. We expect that it will be picked up by activist groups, circular economy designers, and sustainability minded community developers, and modified and adapted for their own purposes. Our function will be to maintain the ease of access to all of the models that exist, which will all be open source and available. We will also lead education seminars online, in person, and offer our time for hard problems where no models yet exist.
- create incentives for circular economy practices with a community
- use a digital ledger to record circular economy practices and exchanges
- utilize digital ledger data to create a reputation system for circular economy practices in which the data is owned by individuals
-help connect impact investors to these reputation metrics to scale like projects
-help incentive access to services for circular economy companies w/ high reputation, like insurance and intercommunity exchange