I raise red worms in something called, can o worms- which is basically a 3 story worm farm. I throw in veggies scraps- the ones that don't go to my chickens!- and then the worms turn it into compost and a by product is compost tea- which I use to water my plants.
Your way most likely is much cleaner- as you can imagine a worm farm does get messy!
Though the chickens love the worms...
And I am a suc*** for happy chickens...
But I enjoy learning about many ways to be earth friendly...