The technology giant IBM is one of the leading companies in the blockchain market, with its blockchain research and blockchain-based enterprise solutions.
IBM’s blockchain platform has been helping different industries to digitalize and to improve processes in different areas such as the healthcare industry, pension systems, grocery stores, and financial markets.
Seafood Fraud is a Multibillion Business
There has been an increasing number of fraud reports against the seafood industry in recent years with factors such as origin, weight, and actual species being mislabeled in order to increase gains.
A 2018 report from the Food And Agriculture Organization of the United Nations found that the expansion of e-commerce has opened the doors to fraudulent trade in the seafood industry.
It is estimated that the extent of fraudulent seafood activities in 2018 was between $10 billion and $23 billion, which represents around 11 million and 26 million tons.
The report concluded that improved traceability is required in order to combat seafood fraud, as being able to track fish from the point of origin to the costumer’s plate is a benefit to both the industry and the consumer.
Blockchain is Already Improving Supply Chain Traceability
IBM Food Trust’s network runs on IBM Blockchain Transparent Supply, but has some differences, according to Espen Braathe, Director of IBM Food Trust Europe. The platform allows users to perform certain customizations to enable them to have their governance model in regards to data sharing, as well as providing security and immutability to the records.
Atea ASA’s CEO, Steinar Sønsteby, reported that the Nordic seafood industry exports at least $800 million worth of food each year, which has made it difficult for the industry to ensure fish farms are transparent.
Sønsteby also said that around 200 Norwegian companies are having discussions regarding joining the network, with 6 contracts already signed this year.
This titanic quest to provide tracking capabilities to so many seafood companies has 2 elements that need to be covered: The obtention of data and its management.
IBM’s blockchain will be handling the data management part of the operation, while Atea will be in charge of providing the companies to obtain the data via IoT devices.
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