Mathelin Bay, an international plastics industry consulting firm serving plastics industry processors and investors, designed PlastiTrail.com on a blockchain platform in order to break down some of the current barriers preventing potential buyers and sellers of plastics resins, plastic compounds and plastic scrap in the $1 trillion-plus global plastics market from locating and contracting with trustworthy trading partners in their own country or in foreign markets. Plastics sales contracts made on PlastiTrail.com will be virtually impossible to alter after the fact in the event of questions about contract representations or the quality or fitness for use of particular plastics shipments. The origin of individual plastics shipments will be easier to trace, which can support the sales of more higher-value-added plastics. And secure, tamper-resistant documents can be used in support of plastics origin requirements for government regulations such as the California Rigid Plastic Packaging Container Act’s provision for a minimum percentage of post-consumer recycled plastics content in various plastic products sold in California.
Phillip Karig, Mathelin Bay’s managing director, said that “PlastiTrail.com is all about building trust and transparency between plastics buyers and sellers. The PlastiTrail blockchain will provide a secure record of plastics contracts entered into on the marketplace, including any certifications, technical data sheets, photographs and other representations which will be duplicated, published, stored and encrypted at multiple locations around the world.
“Beyond contract representations stored in the blockchain, secure and encrypted information about the origin of plastics resins, compounds or scrap will allow plastics distributors and brokers to potentially sell more name brand and less generic plastics. An additional benefit, especially for plastics sellers with limited resources to market their products locally or in foreign markets is PlastiTrail.com’s supplier review system that will allow plastics suppliers the opportunity to earn high ratings for their sales transactions with customers on the marketplace.”