Waste management and recycling can be really complicated. Zero Waste Technologies INC. has created an “all-in-one waste management system.” Branded as Banqloop, the system takes the burden off the consumer to get it right. But what is Banqloop exactly, and how does it work?
“Smart trash can” takes the guesswork out of recycling.
Co-founder and CEO James Boskovic describes Banqloop as a “smart trash can” that sorts and processes waste. It uses sensing systems and optical recognition to identify and sort items based on their molecular makeup. It then processes the waste materials into 40-pound cubes, reducing total volume by around 90%. These cubes can then be easily recycled and put back into the supply chain.
This takes human error out of the equation and revolutionizes the waste management process by turning 90% of potential trash into a recyclable or compostable format.
Net-zero consumption and a circular supply chain
The global population is currently consuming 150% of the resources that the earth can generate. Because the planet cannot sustain this consumption, resources are becoming scarcer, and costs are increasing. Boskovic says that by reusing commodities instead of consuming more, the supply chain can be circular and reduce long-term environmental damage.
Banqloop’s current model markets to large businesses and venues like stadiums and amusement parks. But the long-term goal is to target local and large-scale investment that will make Banqloop’s system accessible and available to everyone.
Boskovic says that if Banqloop systems were deployed in just major U.S. cities, the entire country would achieve net-zero consumption. And they would also improve beyond the carbon footprint goals set in the Paris Climate Agreement.
New technology creates new jobs.
When a new technology emerges in any sector, there is a stereotypical fear that automation can cause job losses. However, Boskovic believes that by implementing a new waste management ecosystem, Banqloop will actually generate higher-skilled and more desirable employment opportunities. By making waste processing more efficient, companies can reduce costs and overhead. Then, those cost savings can be passed onto employees in the form of wage increases and benefits.
Boskovic hopes that we will see more changes in manufacturing and our relationship with materials in the future. Currently, only 16% of what we choose to recycle actually gets recycled, and only 10% of that becomes “new” products.
A chance for something extraordinary
“As companies, we need to start doing the right thing,” he said. If we as a global community can stop throwing money away, we can shift to a more circular supply chain. This focus and efficiency will pave the way for a more equitable and sustainable future.
There are moments in history that allow us to do something extraordinary. “This is something that is going to make an impact on the future of the human race,” says Boskovic. “What we are doing together at Banqloop is much greater than any one of us.”
For more on sustainability, check this out.
