A major part of the world’s population depends on the seafood industry. It is one of the world’s largest and oldest market sectors. It is estimated that about 12 percent of the global livelihood depends on seafood as a source of income and there has been a growth of 90 percent in seafood consumption.
The seafood industries make big profits from export. The concept of blockchain has been introduced in transforming the seafood industry for traceability and transparency. Blockchain is a chain of data or information stored in millions of computers and servers distributed throughout the world. It is generally used for trade in cryptocurrencies that is done on various platforms like https://1kdailyprofit.app/. It is a ledger that has all the details of all credit and debit transactions of any digital asset. In this article, you will learn how blockchain technology increases the efficiency and transparency in seafood chains worldwide by eliminating imbalances in the marine ecosystem.
Threats to the seafood industry
- About 90 percent of the wild fish stocks are either fully exploited, or overfished.
- More than 50 percent of the supply gets wasted in supply chains or get discarded due to mismanagement.
- Illegal fishing is also a big issue. Unregulated fishing causes the loss of millions of kilograms of fish every day.
- The fishing industry is often unregulated, unsustainable, inefficient, fragmented, unreported, and illegal.
- The imported seafood in many countries is not even checked or inspected for fraud by the government.
- ·A large percentage of seafood is mislabeled for the wrong species.
Why is blockchain the best method to overcome the challenges of the seafood industry?
- Blockchain is a decentralized digital ledger of transactions that is not governed by any central unit or authority. There is only a single set of protocols that is followed by all.
- Blockchain prevents data tampering or alteration, unlike other traditional traceability systems.
- Blockchain is inherently resilient to failure as multiple nodes carry copies of the entire data available.
The fishcoin project initiative
The major problem in the seafood industry is the lack of data. Fishcoin is a digital voucher to encourage data collection from fish farmers by giving them incentives for the information they provide about their catch.
Using blockchain technology the fishcoin is provided to fish farmers and fishermen, in exchange for data about their fishing. They can later use these fishcoins for a mobile phone recharge or other rewards. After receiving legitimate data, the fishery industries can identify the areas where waste is generated. This in turn will cut down the huge losses faced by the seafood industry.
Data collection will help the people associated with the seafood industry to generate maximum profits by limiting wastage. This will also help in keeping an ecosystem balance of the marine world. Food waste and food fraud are some of the biggest challenges that lower the efficiency and productivity of the related industries. The fishcoin initiative is supposed to help in all such aspects. This is the first such use of blockchain technology in the food sector.
Food traceability through blockchain will provide better security and accountability in the supply chain. It will also help in determining the demands and pricing in advance. Food safety measures can be given special significance in this system.
Overall, blockchain technology in the seafood sector will help in its growth at a much faster pace. It will also build scope for online trade. All the participants in the blockchain will get the benefits, and the consumers will also be assured of quality. This will set examples for many developing nations to incorporate blockchain in various sectors for better growth