The world’s population is increasingly urban. Rising along with the urban population are the unpleasant byproducts of living—waste.

Solid waste not only poses a threat to our environment but can cost cities millions of dollars each year to collect and manage. Megacities like the New York City spends $1.5 billion annually on collecting residential and public trash.

By 2050, it is expected that world’s urban population will double, and by 2100 the growing urban population will be producing waste at a rate more than triple from today. TWO IoT, a Taipei-based startup, wants to tackle the less-talked-about waste management problem using two core technologies—IoT and blockchain—to significantly reduce the cost and resources used in large-scale waste management systems. TWO IoT is developing small and cost-effective sensors that measure the fill levels of waste bins and communicate the waste data to the cloud via wifi or NB-IoT for real-time monitoring and analytics purposes.

The hardware device is designed to be integrated into both smaller commercial establishments (such as airports and office buildings) and larger infrastructure that is the entire city. All activity in the waste life cycle from collection to landfill will be stored on IOTA’s decentralized ledger.  Despite an increasing number of companies developing similar hardware devices—SmartBin from Dublin, Ireland and Ecube Labs from Seoul, South Korea—waste management is still an untapped market. Globally, the market for waste management is projected to be around $562 billion dollars in 2020.

The existing waste collection procedures in many cities around the world are costly and time-consuming: garbage trucks drive to designated pickup points (mostly stop-and-go) on a schedule that changes depending on the season and a few other variables. The garbage collector hops-off the vehicle to check whether the bin needs to be emptied, all the while the vehicle is idling. Read more from technode.com…

thumbnail courtesy of technode.com