November 13, 2017
Blockchain, the decentralized distributed ledger system that allows for securely, transparently and quickly storing and transferring data gained worldwide attention for its enabling of Bitcoin. But today the focus is not only on Bitcoin and other cryptocurrencies like Ethereum, but how blockchain development can impact other industries.
Experts now recognize its power to revolutionize finance, property and food sectors by replacing traditional contracts, paperwork and identification methods. Global fishing, an enormous industry that feeds people through goods and work is certainly no exception.
Illegal, unreported and unregulated (IUU) fishing is a serious problem that contributes to overfishing at the great expense sustainable fisheries. In the long run, illegal fishing efforts can have devastating effects on marine ecosystems, thus damaging the natural habitat and potentially leading to famine and death for future generation
Additionally, the fishing industry, which includes seafood wholesalers, retailers and commercial activities, contributes billions of dollars to global economies. Any incredibly large industry, is prone to inefficiencies, corruption and redundancies that when solved by applying blockchain development, can help put money into the pockets of those who truly are in need.
The digital technology is growing, Blockchain re-launched as a powerful solution to revolutionize the fishing industry, replacing paper methods and authentication methods. Provenance, a UK-based social enterprise, has issued a confirmation by applying blockchain development to effectively address human rights violations, supply chain management and illegal fishing.
Blockchain’s immutable record system can help alleviate issues related to illegal fishing. The platform allows for the exact origin, condition, species and catching method to be recorded by fishermen on the blockchain. This information seamlessly and transparently follows the fish so it can be accessed and verified by the final buyers and consumers in shops or restaurants using their smartphones. People can therefore be sure they are not contributing to the devastating illegal fishing operations. When only sustainably and legally caught fish are demanded and can be verifiably purchased, the illegal operations will be forced to close.
Jessi Baker, CEO of Provinence, a UK-based social enterprise, summed this concept up in an interview with Blockchain Revolution when he said, “We want to help support fishes that are caught feasibly and authenticate these claims to help drive the market for slavery-free fish. This pilot also reveals that complicated, global supply chains can easily be made transparent by using blockchain technology”.
Blockchain also greatly reduces costs and increases efficiencies for the fishing industry. Because the distributed ledger stores massive amounts of data quickly and cheaply it can replace expensive, time consuming paperwork and fish tags. Gone are the labor and material costs associated with repetively recording information. Moreover, because the blockchain securely and transparently stores the information, records about catches and shipments cannot be altered. With blockchain development, no longer can corrupt parties pass off inaccurate data for financial gain which will greatly help honest players and consumers.
Both in terms of protecting the natural environment and reducing costs, the blockchain has profound potential to improve the fishing industry. The focus now rests on implementation and scaling. According to Dr Darian McBain, director of sustainability at Thai Union, “The next challenges are building scalability so that traceability systems can operate across borders and certifying authorities, and educating consumers that it is worth paying more for sustainably-caught traceable fish where workers are paid a fair and decent wage.”
While many organizations have already started applying blockchain development for a transparent, safe and sustainable fishing, development must continue, and it must be a group effort. Consumers must demand sustainably-caught fish, governments must use blockchain to enforce current laws and regulations and fishermen and wholesalers must be convinced of the economic value of applying blockchain technology to their processes. If that continues to happen, we will find ourselves in a world where fish populations are given a chance to thrive and consumers can cost-effectively purchase fish they can be confident are responsibly sourced.
Infinity Blockchain Labs is a visionary R&D company engaged in intermediary and RegTech services employing blockchain technology. We focus on forming alliances with established businesses and regulatory institutions across various industries, as well as providing collaborative incubation for early stage blockchain projects.
IBL aspire to empower Vietnam to become a global leader in blockchain development and therefore are committed to sharing information to nurture a passionate, educated blockchain community. We love hearing about and sharing ways in which blockchain can make the world a better place, such as in the fishing industry. We hope such developments continue and that we can help inspire others to support such initiatives and develop similar ones using the blockchain.
You can learn more about Infinity Blockchain Labs and stay current with our activities by visiting our website and social media accounts below:
Website: Infinity Blockchain Labs (IBL)
LinkedIn: Infinity Blockchain Labs
Contact: Nicole Nguyen PR@blockchainlabs.asia
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