It’s no more news that Swachh intends turning trash to gold. The start-up is committed to using some of the most sophisticated technologies in our planet to solve the environmental crisis contributed by existing inefficient waste management systems. Harnessing the combined power of five groundbreaking and innovative tools is an ambitious plan. Yet, the project’s structure, model, and the team’s attention to details have produced amazing results. One of the tools that are crucial to the actualization of Swachh’s innovative project is the smart contract.

What Is A Smart Contract?

Smarts contracts are “self-executing contracts”, therefore, they automatically implement the terms and conditions written into their codes. What this means is that the cost of introducing middlemen to monitor traditional contracts can be bypassed. As such, smart contracts are heavily introduced to the way we do business.

The concept of smart contracts was introduced by the Ethereum blockchain, and it is one of the major factors influencing the global burgeoning interest in blockchain technology. The Swachh ecosystem is based on the Ethereum blockchain, therefore, the network supports smart contracts. As a result, Swachh has extensively utilized the concept of smart contracts in its pursuit of the next generation waste management system.

How Is Swachh Utilizing Smart Contracts?

One of the major selling points of Swachh’s project is that unlike traditional waste systems, Swachh will incentivize the proper disposal of waste. This move will effectively promote a positive global waste management culture. However, a successful implementation of this plan requires that Swachh utilizes a fail-safe system which will guarantee transparency and efficacy.

Therefore, the start-up extensively utilized the smart contract functionalities which will guarantee that funds are fairly and securely distributed. As such, smart contract governs the allocation of tokens to users of Swachh’s smart bins dubbed SwBin. These intelligent trashcans will calculate the volume of garbage generated by a household and send it to Swachh’s network. Next, the network processes this information through a smart contract that contains codes that clearly define reward allocation conditions. Once these conditions are met, the smart contract will automatically disburse the native token “Swachhcoin” to wallets of waste contributors.

In addition, Swachh’s autonomous philanthropy model is strictly governed by smart contracts. As such, philanthropic programs which are based on “community census” are guaranteed to be transparent and safe from manipulations.

How Will Swachh’s Approach Influence the Economic Growth of a Nation?

The utilization of smart contracts in waste management systems will directly contribute to a nation’s economy since its citizens are paid to get rid of trash the right way. In addition, Swachh’s initiatives will immensely reduce the cost of keeping cities clean, as people are effectively motivated to keep their environments clean.

Also, the platform’s rural welfare programs which are powered by smart contracts will benefit communities that contribute to Swachh’s global waste management goals.

Final Thoughts

Presently, there are few waste management projects that can boast of operation models which will directly influence a nation’s economy. Swachh is one of these projects, and it has created an ecosystem that will successfully utilize revolutionary tools like smart contracts to contribute to the economic growth of nations.