Crypto, Blockchain (CONT’D FROM PAGE 1 )
that was a cross section of emerging technology in a world that is a bit more traditional?’” said Peek. Blockchain Explained A blockchain is a distributed database that is shared among the nodes of a computer network. As a database, a blockchain stores information electronically in digital format. Blockchains are best known for their role in cryp- tocurrency systems, such as Bitcoin, for maintaining a se- cure and decentralized record of transactions. The innova- tion with a blockchain is that it guarantees the fidelity and security of a record of data and generates trust without the need for a trusted third party. One key difference between a typical database and a blockchain is how the data is structured. A blockchain col- lects information together in groups, known as blocks, that hold sets of information. Blocks have certain storage ca-
pacities and, when filled, are closed and linked to the pre- viously filled block, forming a chain of data known as the blockchain. All new information that follows that freshly
added block is compiled into a newly formed block that will then also be added to the chain once filled. A database usually structures its data into tables, whereas a blockchain, like its name im- plies, structures its data into chunks (blocks) that are strung together. This data structure inherently makes an irreversible time line of data when implemented in a decentralized nature. When a block is filled, it is set in stone and becomes a part of this time line. Each block in the chain is given an exact time stamp when it is added to the chain. “One area in which I’ll focus is the conver- gence of recycling and blockchain,” said Peek. “Building out on top of a blockchain, coupled with some emerging infrared technologies,
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companies could actual- ly create an experience called a DAP — a de- centralized application — where consumers can scan everything that goes into their recycle bins and then once it
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Adam Peek
gets to its appropriate recycling facility, they are rewarded with tokens based on their hab- its. Consumers will get a score, so there’s a social aspect, but they also become educated on what is getting recycled and what is valu- able. And then those tokens can be used as offsets for brands so a brand can accept those tokens as payment. This is the kind of thing we can head toward as an industry in the fu- ture using available technologies.” When coupled with existing database IoT (Internet of Things) technology, Blockchain, according to Peek, can give packaging cus-
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February 14, 2022
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