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Role Of Blockchain Technology In Transforming The Seafood Industry
The burgeoning use of Blockchain technology across different sectors clearly indicates how useful this technology is. In this write-up, we are going to discuss Blockchain technology in transforming the seafood industry. We know that Blockchain is ubiquitous and finds myriad applications across different sectors, and the seafood industry is no different.
The seafood industry is a big one, and it is, in fact, one of the largest and oldest markets. When we talk about the spectrum of seafood trade, then we are talking about the global spectrum.
A complex supply chain. Though we have the most advanced system of the supply chain working, when it does face certain inevitable challenges.
When we talk about key hurdles faced by the supply chain system is traceability and transparency, and Blockchain technology is surely going to overcome this.
Before heading further, let's have a quick look at the definition and feature of Blockchain technology. Basically, Blockchain is a chain of data that is also known as blocks and has a number of information stored in it. This block is distributed across the node that is stored in a different geographical area. The DLT has all the information stored in it cryptographically. This encrypted data is difficult to alter or delete because it is time-stamped. Thus all these add up to make Blockchain a safe and secure technology.
So, how will Blockchain answer the cause of poor management of fisheries? The three main questions that Blockchain needs to address are illegal fishing, unregulated fishing, and unreported fishing. All these are damaging marine habitats. One of the ways to answer this is by enhancing traceability and transparency. Blockchain leverages a platform which offers both these features.
Key features of Blockchain Technology:
1. Decentralization- One of the key features of Blockchain technology is decentralization, which nullifies the need for a central authority.
2. Immutability- Another feature that Blockchain offers is immutability, which means that the data cannot be altered.
3. Distributed ledger- As we have mentioned, Blockchain is a distributed ledger technology, which means that Blockchain and distributed across multiple nodes and carries a copy of data. Thus it is difficult for anyone to delete or alter the data.
All these features give Blockchain an upper edge over other technologies, thus overcoming the conventional system's challenge in the management of fisheries business.
Blockchain use cases in seafood
Although fishers is a global industry and one of the largest ones, this market is highly unregulated and unreported. As per the Fischon project, 89% of global wild fish stocks are overfished, while more than 0% of seafood is thrown away.
With the help of Blockchain technology, we can expect to overcome the challenges thrown by the fisheries industry. As per Gartner's report, around 20% of leading global grocers will start using Blockchain technology by 2025.
Seafood traceability has become a challenge for many and the focal point of the authorities who wish to regularize this industry. Another key point which the authorities need to address is illegal food product entry into the supply chain. Both of these challenges can be easily solved using Blockchain technology.
This technology will provide complete transparency and traceability to the supply chain system in the fisheries business. It ensures complete tracking of fishes from the time they are trapped until the time it reaches the end-user.
Let's understand this by example; individuals have to register their catch on the Blockchain network by entering specific details like name of the species, time, location, and weight of the fish inclusive of the gear used to catch the fish.
Once this data is entered into the ledger, it follows through the supply chain. The integration of IoT and Blockchain technology works here in ensuring that there is no alteration in the data, and real-time tracking can be easily done. The fishers can attach an RFID tag along with a unique ID number. When the fish moves towards the processors, the tag sends out real-time information about the location of the high and its condition. Thus with the help of Blockchain, it becomes easy to track and trace the data. It is thereby addressing the key challenge of Blockchain technology.
Blockchain technology has the potential to impact the fisheries industry positively and overcome the challenges of the industry. Whether it is tracing the fishes or knowing about its history, Blockchain ensures that the user gets the right information without any alteration. So, we can say that Blockchain has the potential to bring a positive transformation in the fisheries industry.
To know more about the use cases of Blockchain technology and to gain expertise in this field, connect with Blockchain Council today.
Blockchain Council is an authoritative group of subject experts and enthusiasts who are evangelizing the Blockchain Research and Development, Use Cases and Products and Knowledge for a better world. Blockchain technology is more than just a technology, which is emerging rapidly with a vast scope in the future. Blockchain acts as a financial network, software, distributed ledger, etc. Owing to this multitude of benefits and features, companies are now shifting their centralized and traditional working system to this trending and futuristic technology “Blockchain”. Blockchain council creates an environment and raises awareness among businesses, enterprises, developers, and society by educating them in the Blockchain space. We are a private de-facto organization working individually and proliferating Blockchain technology globally. Visit here for more details@https://www.blockchain-council.org/
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