Used Cooking Oil’s (UCO) Worth
Biodiesel is the fuel of the future and the correct recycling of UCO (Used Cooking Oil) is a leader in this enormous change.
UCO is a sustainable alternative to biofuel — and the Global Used Cooking Oil Market is projected to reach USD 10 billion by 2028 with an estimated growth of 64% from 2021 to 2028.
If you are not familiar with the terminology, UCO, or waste vegetable oil, is produced by leftover cooking oil from hotels, restaurants, and other units, and is converted into renewable energy resources.
In the meantime, we are facing some challenges.
- One-third of used cooking oil in Europe is fraudulent
- EU incapable of detecting fraud in biofuel imports — current certification, audit and sustainability systems are insufficient to prevent fraud
- $511 million biodiesel tax fraud scheme
- Cooking oil theft costs UK Treasury 25 GBP/year in lost duty
- Lack of trust, transparency and traceability in the UCO supply chain — current rules and regulations lead to a non-transparent certification process for the sustainability of the used cooking oil
However, because of the huge, estimated growth by 2028, some things are likely going to change.
UCO market is going to grow (as mentioned above) due to the rising awareness of sustainable energy resources. Also, UCO will bring long-term stability to the supply chain, avoiding the current dependence on commodity products we are used to.
This is where UCO Network steps up.
UCO Network Solution
- Public blockchain protocol that mitigates the risk of fraud while $UCOIL token being the catalyst to the UCO Network ecosystem - Trust, Transparency and Traceability like never before
- Aligned with the green agenda of the UN, USA, and EU
- Opening the market to millions of new players, the same way Uber did
This is the point where used cooking oil becomes biofuel, NFTs, feedstock, and most sustainable tokens in WEB3. A solution for everyone in the supply chain:
- UCO Collectors — NFT minting
- Biofuel Producers — Transparent UCO tracking
- Entrepreneurs — Strong partnership establishment
- Regulators — UCO market regulation
The whole process? This is how we do it
Waste Collection & Management Companies will collect the Used cooking oil (UCO) at registered establishments (hotels, restaurants). After the UCO is collected and certified, an NFT is minted, ensuring compliance with the RED II Directive. It’s then stored in the WMC wallet and is ready to be traded (UCO marketplace). Once the UCO has been delivered to a biofuel producer, the NFT is transferred to the Biofuel Production company wallet, which will then be able to prove its origin and sustainability.
The whole process is very easy going and UCO Network shows that used cooking oil can have a new, profitable life while implementing blockchain technology.
Find out more about UCO Network: