Collect Materials and tools: The materials you will need are as follows: 1 leak tight construction bucket with one leak tight twist on lid (these are sold as separate products), two key chain rings, two bike inner tubes or straps, one tube of 100 % silicone bathroom calk, 1 vinyl cut or hand drawn message to detour bears and 50 plus feet of light rope. Home Depot will have all the materials needed for this project except inner tubes. Feel free to use something else rather than inner tubes for the straps or talk to a local bike shop to get used or damaged tubes. The only tools you will need are: 1 razor blade or knife, 1 calk gun and a mallet or hammer.
People do and should hang bear cans. A bear may not be able to open it, but they can smell the contents and will spend an undue amount of time trying to open it, inclusive of smacking it, dropping it, and kicking it. Half an hour later, the bear will have left your can three-quarters of a mile away on the wrong end of a 200 foot cliff.
I think this is a really nice critter proof bucket, but I would have some concerns about using it in "bear country." The two concerns I would have is the lack of locking mechanism on the screw top (bears have been known to unscrew lids,) and the thinness of the plastic bucket. I determined bear would probably be able to gnaw through a regular bucket.
Hanging eliminates these problems by keeping it out of reach, but If you are going to be hanging it, why use a bucket at all? I've never seen anyone hang a bear keg. What is the benefit of this over a simple waterproof bear bag?
Additionally, I've been to some National Parks (Grand Teton for example) where they require approved bear canisters during bear season.
Also, a thought: could odor eliminator (like Febreeze) be used to minimize the effect of odorous residues after sealing the container?