Blockchain: Trust in Seafood Industry
According to a report by DNV GL and Deloitte, Blockchain could boost the transparency of the aquaculture sector by providing a means to trace and record the entire fish supply chain.
Data from the ‘bait to plate’ could be stored in a publicly available blockchain, which will help to appease public, industry and consumer concerns about sustainability and food safety.
However, to achieve the complete data trail, significant barriers must be overcome, such as commonly low degrees of digital maturity and some key player’s reluctance to share information.
A third of global fish stocks are overexploited. In addition, some aquaculture operations pollute the environment and produce substandard products. These factors coincide to create substantial reputational challenges for the sector as a whole and for individual companies. Blockchain could offer a way of improving confidence in the industry and its products.