Bit.College explains how in the future everything will be tokenised and proposes a new economic system.
Developing and Design of The New Economy:
In some shopping malls, they have trolleys which give you a coin back once you place the cart back in place. This tokenization can be applied to garbage collection in areas where the government has failed to do its job. Perhaps due to the sheer size of the garbage collection economy or maybe because there are not enough incentives to complete the task. The fact of the matter is that recycled material sells and leaving it on the floor leaves everyone worse off.
Imagine receiving a token called, CLEAN, which finances the garbage collection economy. When someone throws litter away, they receive CLEAN tokens on their mobile phone. Next, a garbage collector empties the recycling points and receives CLEAN for selling the waste. The recycler buys the waste material and pays for it in cash. At this point, a real monetary value is attached to the CLEAN token.
The figure (found on Bit.College) above shows the garbage collection economy. It needs no further intervention for this economy to run successfully. There will be an incentive for people to get involved. People will have incentives to dispose of litter, create automatic machines and possibly run a fleet of garbage vans. The recycling company has a reason to fuel the economy with cash to incentivize everyone involved to get the garbage collectors more business.
In this small economy, we do not have a government, and there are no layers of bureaucracy and free from corruption. In places that are exceptionally large to administer like India, where there is rampant littering, and this can prove to be the only way out. There is a whole industry that is missed out because garbage collection is usually the government’s responsibility.
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