Company Name: Cryptocycle Limited
Headquarters: Witney, Oxfordshire
Headcount: Six people
Profile: Cryptocycle Limited is a start-up development company founded by Duncan Midwood and Tony McGurk. The organisation has recently grown to include four more team members as the company continues to develop into a full-scale organisation.
Cryptocycle believes that blockchain technology will lead to major changes both in business and social enterprises by democratising processes and making things transparent.
Its first project Reward4Waste uses blockchain technology to deliver a unique and enhanced Deposit Return Scheme (DRS) that has the potential to revolutionise the way we recycle plastic drinks bottles and change the recycling culture across the UK.
Cryptocycle believes that a DRS is an important elements of the circular economy which has the proven capacity to deliver significant reductions in littering and drive high levels of recycling.
Its Reward4Waste solution aims to eliminate the risks of fraud and inefficiencies in the recycling process and in so doing, reduce operational costs of implementing a DRS while simplifying the overall process.
The use of blockchain technology ensures a fast-response and flexibility of the system.
Cryptocycle is now planning the UK's first DRS full-town trial with the aim of testing the technology and study the impacts of implementing a DRS on a community.
The company wants to deliver the technology of the Reward4Waste solution through facilitating and coordinating partnerships with major organisations from the beverage and drinks, waste management and IT sectors.
Cryptocycle is currently seeking further investments to help it deliver a world-beating DRS solution.