Blockchain technology is rapidly evolving and its applications are geared to upgrade business in several ways. Transparency and multiple benefits in the supply-chains for all kinds of products are transforming the industries in a positive manner. According to some experts, Blockchain is paving way for fresh economic prospects and revolutionizing the modern system of calculations. This amazing tech has done wonders in the world of FinTech (Financial Technology) and fisheries sector is no different from others.
What is Blue Economy?
Blue Economy is the sustainable use of ocean resources for economic growth, better-quality livelihoods and jobs and ocean ecosystem well-being. In layman terms, any economic activity in the maritime sector is blue economy. This incorporates numerous activities such as renewable energy, biotechnology, waste management, tourism, fisheries, mineral resources, maritime transport and even climate change.
What’s Wrong with The Fishing Industry as of Now?
Fishing is still vital for the livelihood of many coastal communities around the world. The world population is exploding and eventually it is causing cumulative strain on world’s natural resources. In fishing industry, overfishing is becoming an escalating concern. Commercially, giant fisheries in every developed country are stocking up on the swiftly vanishing seafood to satisfy increasing consumer demands in both local and export markets.
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The possibility of disruption in fishing industry is comparatively high, especially when transactions occur. Apparently, these kinds of disruptions easily erode the trust in the supply chain i.e. between producers, consumers, retailers and mostly the regulatory bodies. Absence of traceability system doesn’t keep up with the tracking system that when and how the products and services reached to the customers and retailers. Hence, this system becomes ineffective and creates ruckus in terms of trust and transparency.
Further, disturbing reports have resurfaced that consumers are naively buying tunas for years, which is illegal, unreported and is part of unregulated fishing. The worst part of this process is that they are purchasing tuna from operators who use slave labor!
Are you eating fish coming from a sustainable source? It might sound weird but this is true. You might be eating some chemical oriented fish, which is not even real. Seafood fraud, distorting or mislabeling seafood, is another major industry problem.
How Blockchain Technology Can Transform Fishing Industry?
Diners, who are environmental and health-conscious, generally rely on restaurants to figure out the sustainability of fish sources. Blockchain technology can help formulate a new certification system that will provide step-by-step process to authenticate a fish’s journey from the ocean to the market to the dinner plate. This process can renovate supply chains and conserve the integrity of the food supply.
“Blockchain and a smartphone can stamp out illegal fishing and slavery in the tuna industry” ~ WWF. How? Because Blockchain technology is a digitally innovative platform that can tamper-proof record every information accessible to everyone. Shortly an easy scanning of tuna packaging would be possible by using a smartphone app. This will disclose the complete history of the fish you are eating. From when and where it was caught to by which vessel and what kind of fishing method.
Blockchain technology demonstrates future promises when it comes to improving transparency. Also, the decentralized nature of this technology offers high levels of trust and efficiency. The unique technological advancement of blockchain offers data that cannot be corrupted. This means robust traceability system that ultimately results in trustworthiness.
There are some fishery companies that are making roads by introducing Blockchain to the global war against unsustainable seafood industry.
Earth Twine is a cooperative and technology based company operating to renovate the world’s seafood supply. They are targeting to bring greater transparency to this industry via technology. Blockchain technology is their newest contribution to back the fishing industry. Earth Twine has fused Blockchain technology into their system by employing SPARKL technology that connects data to the blockchain and leads to tamper-free auditing.
Viant is a Blockchain-based program for modeling business procedures, pursuing assets and constructing the supply chains of the future. Viant assembled its Ethereum-based blockchain platform with the help of Microsoft Azure and the Brooklyn-based incubator ConsenSys. Viant is also delivering tracking services to pharma giant GlaxoSmithKline, which will utilize it to adjust transparency in the licensing process.
While there are few companies that are evolving and stepping out of their cliché zones to accept this new trend in technology, there is much to explore. This is all about Blockchain technology and the way it is transforming the fishing industry. If you have any opinion to add-on, please comment in the section below.
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