These days, it is hard to find markets that are not digitalized. However, there are many areas in the recycling market that are not digitalized. Recycle Ledger provides data on resources traded in the recycling market.
Kim Gi-jong, CEO of Recycle Ledger, said.
Founded in 2020, Recycle Ledger is a startup that tracks the supply chain of recycling resources and provides usage history data. Currently, it is focusing on offering data on used cooking oil, the main raw material for biofuels among recycling resources.
Since the beginning of the 2020s, the European Union (EU) and the United States have mandated the use of recycling resources, but there have been limitations in verifying the usage history of these resources. This is because the entire process from collection to final use was recorded manually.
As a result, there has been an increase in cases of greenwashing, where corporations deceive by using new resources as recycling resources.
Recycle Ledger has addressed these issues by utilizing blockchain-based Internet of Things (IoT) and AI technologies. Typically, used cooking oil is traded through multiple collectors and bioresource producers before being exported, but Recycle Ledger ensures that the entire process is recorded digitally.
When collectors confirm the amount of used cooking oil collected using specialized equipment such as AI image recognition cameras within the platform, flow meters, and 'smart scales,' the corresponding data is saved online and can be used later as documentation for certification bodies.
Noting that the specifications for containers of used cooking oil vary by country, the company succeeded in developing an 'adaptive smart scale' product that automatically measures the weight of used cooking oil at the 8th Seoul Innovation Challenge.
Existing smart scales, which measure weight based on height information when placed on top of a container, were only usable in the country because domestic containers for used cooking oil are generally standardized. However, in other countries, the variety of containers for used cooking oil necessitates more data.
Kim noted, "We developed volume measurement technology using AI machine learning," and added, "With the 'adaptive smart scale' product, it will be easier to collect used cooking oil overseas." The product is currently under discussion for Proof of Concept (PoC) projects in Spain and Malaysia.
Recycle Ledger is primarily conducting its business overseas. It is providing services to two biofuel certification bodies in the United States. The number of used cooking oil transactions tracked within Recycle Ledger has reached 1,026,644. The company has obtained three domestic patents, two international patent applications (PCT), and one foreign application.
Recycle Ledger is already gaining attention in the global market. The company explains that its ability to develop both software and hardware, such as flow meters and smart scales, sets it apart from competitors.
Kim stated, "In the U.S. and U.K., competitors require collectors to measure and input the capacity themselves," and noted, "Recycle Ledger is praised for its convenience due to having hardware that calculates and records the capacity automatically."
In the future, Recycle Ledger plans to expand its business to encompass all recycling resources. Kim mentioned, "We aim to provide data in various recycling areas, including animal fats, fish oil, plastics, and batteries."