The Economic Theoretical Implications of Blockchain and Its Application in Marine Debris Removal

Following the success of digital coins, such as Bitcoin, blockchain technology, on which digital coins are based, has attracted much attention. One of the main capabilities of blockchain is "to ensure any saved data is exactly the same as when it was generated" and that such data cannot be tampered with or destroyed. Therefore, the information written on blockchain is undeniable and absolutely credible. The cover story of the Economist in its October 2015 issue calls blockchain the "trust machine". Related theories about the core capabilities of blockchain, i.e., "increases in information symmetry " and "increases in mutual trust", are used to construct the basis of an economic theory of blockchain to explore the potential application of blockchain and to consider incentives for the application of blockchain in marine debris removal in this research. Plastic debris leaks into the ocean and cause an unprecedented ecological catastrophe. This has become a hot topic for discussion amongst all disciplines. In an article published in 2016 by the Ellen MacArthur Foundation, which is committed to promoting the global circular economy, it stated that, at present, as much as 8 million metric tons of plastic debris leaked into the ocean each year, and if this continued, there would be more plastic than fish in the ocean around the globe by 2050. Following this shocking prediction, it was firmly declared in the G20 Osaka Summit, consisting of representatives from 20 nations, to reduce the environmental impacts caused by marine plastic debris "with a goal to end marine plastic pollution by 2050" and to collectively join actions in marine plastic removal. There are also many issues of information asymmetry and mutual trust in the governance of marine resource protection, for example, within a marine debris recycling system, the relationship between the manufacturing industry and marine debris, the increased cost of petrochemical plastic manufacturers in reducing marine debris, issues of trust in the government in promoting plastic reduction, the lack of the credit information of recyclers by cooperating financial institutions, the low willingness to participate by environmental recycling agencies in marine protection due to the high cost of marine debris removal, and issues of cooperation between the industry and the government in decision-making processes. These issues cause difficulties in introducing reform policies, such as, in respect of adjustments of guaranteed prices for marine debris recycling, and income insurance (assurance) policies for fishermen for their assistance in marine debris recycling. Promoting policies can encounter great difficulties as well, such as promoting policies in respect of adjustments of marine debris removal policies, classifications of marine debris recycling, marking systems for qualified recyclers for product conversions, and non-project based fishermen loans for marine debris recycling, etc. If blockchain technology can be used to solve the issues of information asymmetry and mutual trust among people, between manufacturers and consumers, among recycling agencies, manufacturers and fund providers, and between the people and the government, it will play a crucial role in introducing and implementing reform policies in marine resource conservation development. To demonstrate its determination in marine debris removal, the Ocean Affairs Council in Taiwan R.O.C. participated in the Presidential Hackathon 2020. With the theme of "Ocean Blockchain, Garbage Turning into Gold" and through the public-private collaboration, it proposed to use blockchain technology to connect volunteers and enterprises that would be willing to sponsor marine debris removal. In addition, based on the concept of a recycling economy of marine debris traceability, it was proposed that the collected information could be used in the future to establish hot spots for marine debris to call on all people for its removal, and, as a result, the quality of marine resource conservation could be improved to deal with the increasingly severe marine ecological destruction.