There is! It's called composting, either by use of heat or the inclusion of worms, a natural process that converts organic, biodegradable material, such as food scraps, yard trimmings and paper products, just to name a few, into a dark rich soil conditioner.
There's aerobic and anaerobic methods, but we're going to focus on aerobic here at the moment.
All organic material can be composted, but to avoid unwanted guest we recommend the following:
In short, microorganisms, bacteria, fungi, bugs and insects (decomposers) produce carbon dioxide, heat, and moisture as they work together break down the organic material that results in an odor free, rich, dark soil. Or the element of heat transfer can be reduced or eliminated to include worms that will consume & digest the organic material, with the help of the previous mentioned players. We all work together.
No, as long as the system is maintained properly by keeping a proper balance of food scraps, bulking material (paper products, wood chips, or leaves), moisture, and oxygen. Worms, on the other hand, can consume up to half their body weight in a day, and the great thing about it is that they work around the clock, thus reducing any foul odor.