Welcome to FIS   Sponsored By
Subscribe to FIS | Register with FIS | Advertise with FIS | Newsletter | About FIS | Contact us
   


Last year, IBM executives flew to Walmart’s headquarters in Arkansas to propose a solution: the blockchain.

The good and bad of blockchain: Walmart from fisherman to the customer in real time

Click on the flag for more information about United States UNITED STATES
Tuesday, February 13, 2018, 08:00 (GMT + 9)

Everything associated with Bitcoin became a little more interesting when the cryptocurrency’s value skyrocketed, doubling in less than a month to more than $17,500 by mid-December 2017. But even though many investors remain skeptical about Bitcoin, blockchain—the open-source code behind it—has drawn interest from a diverse set of household names, including Citigroup, UPS, and Walmart.



Walmart may view blockchain—which was popularized in 2009 by Bitcoin’s anonymous founder—as a way to follow a crate of frozen tilapia from Shanghai to South Dakota. For Maersk, the Danish shipping conglomerate, blockchain could help it confirm that a vital customs form for a cargo ship in Dubai, United Arab Emirates, has been signed. A blogger in Mexico City could rely on the technology to accept low-fee micropayments from appreciative readers in Milan.

The combination of high security and low fees (for now) that a currency-trading platform needs. For other business applications, the blockchain offers advances on the old ways of doing things. 



Take the Walmart example. For reasons ranging from reputation to protection against liability, the retailer wants to ensure that the tilapia it sells meets certain quality standards. Among other considerations, once-frozen fish should stay frozen until a customer defrosts it himself. Currently, ensuring this requires Walmart to keep tabs on a line of middlemen making strings of promises confirmed by anything from legally binding contracts to handshakes, which is arduous and expensive.

Using the blockchain, however, Walmart could sign contracts directly and in real time with everyone from a fisherman to a wholesale-seafood-market manager, a packager, a US customs agent, and a long-haul trucker. Fees would be minimal, and the paperwork eliminated entirely. The digital contracts would also be tamperproof. As Cong and He highlight, such smart contracting solves the trust issue and encourages other parties to enter and compete in the market. Thanks to the robust system of oversight and enforcement, Walmart can trust that contracts will be executed, even by new companies it hasn’t done business with before. If a company it does business with fails to meet the terms of its contract, the company is penalized, or the contracted fee isn’t transferred. 



However, the researchers identify a potential trade-off to these advantages: the possibility of cartel risk. Blockchains won’t necessarily lead to cartels, but Cong and He point out that cartels could arise in certain conditions...

By ROSE JACOBS / review.chicagobooth.edu | Read full article here


 Print


Click to know how to advertise in FIS
MORE NEWS
South Korea
Jun 23, 03:00 (GMT + 9):
Bluefin tuna farmed in South Korea to reach the market soon
Singapore
Jun 23, 02:50 (GMT + 9):
Aquatech start-up raises USD 8.2 million for research and development
South Africa
Jun 23, 01:50 (GMT + 9):
Green light given to proposed aquaculture project in Saldanha Bay
India
Jun 23, 01:00 (GMT + 9):
New aquaculture complex will help black tiger shrimp industry to bounce back
United Kingdom
Jun 23, 00:50 (GMT + 9):
Young’s Seafood to increase sales to US after deal with Albertsons
United Kingdom
Jun 22, 23:10 (GMT + 9):
Young's Seafood fails to retain Asda significant contract
European Union
Jun 22, 22:50 (GMT + 9):
Spanish tuna fleet offers EC to use responsible fishing standard
United States
Jun 22, 22:30 (GMT + 9):
Maryland to grant USD 375,000 to promote blue crab industry
France
Jun 22, 21:40 (GMT + 9):
Stef expands logistics operations through Express Maree purchase
Canada
Jun 22, 19:40 (GMT + 9):
IN BRIEF - Marine Harvest | Northern Harvest update: No-Action Letter from the Canadian Competition Bureau
Germany
Jun 22, 19:00 (GMT + 9):
Neither meat nor fish, vegan burger patties quickly and easily
United States
Jun 22, 06:00 (GMT + 9):
IN BRIEF - Deep-Sea Corals Win Protection in Gulf of Mexico
United Kingdom
Jun 22, 06:00 (GMT + 9):
IN BRIEF - Wyred for success: Scottish salmon farm wins top M&S accolade
United States
Jun 22, 03:00 (GMT + 9):
Fishermen affected by hurricanes and fishing disasters to be granted USD 200 million
Republic of Ireland
Jun 22, 02:00 (GMT + 9):
Fire causes serious damage to processing plant



Lenguaje
FEATURED EVENTS
  
TOP STORIES
SeaPak joins the Global Seafood Initiative platform
United States SeaPak Shrimp & Seafood Company a leading firm in the retail market of frozen shrimp in the United States, has joined the Global Sustainable Seafood Initiative platform as a funding partner.
NASCO adopts measures to protect salmon around the Faroe Islands and off West Greenland
European Union The North Atlantic Salmon Conservation Organisation has adopted new regulatory measures to protect salmon stocks around the Faroe Islands and off West Greenland.
China's retaliatory tariffs concern Alaska seafood entrepreneurs and legislators
United States Alaska’s seafood industry officials and legislators have expressed concern about the possible negative effects additional export tariffs from China may have on the state’s seafood economy as a retaliation due to the measures set by the American Government.
Fishing deal with China would settle maritime dispute
Philippines A joint fishing agreement reportedly being discussed between China and the Philippines is deemed a significant step forward in the relations between the two countries after an old maritime sovereignty dispute.
 
Maruha Nichiro Corporation
Nichirei Corporation -Headquarter-
Pesquera El Golfo S.A.
Ventisqueros - Productos del Mar Ventisqueros S.A
Wärtsilä Corporation -Wartsila Group Headquarter-
ITOCHU Corporation -Headquarter-
BAADER - Nordischer Maschinenbau Rud. Baader GmbH+Co.KG (Head Office)
Inmarsat plc - Global Headquarters
Marks & Spencer
Tesco PLC (Supermarket) - Headquarters
Sea Harvest Corporation (PTY) Ltd. - Group Headquarters
I&J - Irvin & Johnson Holding Company (Pty) Ltd.
Blue Continent Products (Pty) Ltd - (Oceana Group Limited)
Pesquera San Jose S.A.
Nutreco N.V. - Head Office
CNFC China National Fisheries Corporation - Group Headquarters
W. van der Zwan & Zn. B.V.
SMMI - Sunderland Marine Mutual Insurance Co., Ltd. - Headquarters
Icicle Seafoods Inc. -Headquarter-
Starkist Seafood Co. - Headquearters
Trident Seafoods Corp.
American Seafoods Group LLC - Head Office
Marel - Group Headquarters
SalMar ASA - Group Headquarters
Sajo Industries Co., Ltd
Hansung Enterprise Co.,Ltd.
BIM - Irish Sea Fisheries Board (An Bord Iascaigh Mhara)
CEFAS - Centre for Environment, Fisheries & Aquaculture Science
COPEINCA ASA - Corporacion Pesquera Inca S.A.C.
Chun Cheng Fishery Enterprise Pte Ltd.
VASEP - Vietnam Association of Seafood Exporters & Producers
Gomes da Costa
Furuno Electric Co., Ltd. (Headquarters)
NISSUI - Nippon Suisan Kaisha, Ltd. - Group Headquarters
FAO -Food and Agriculture Organization- Fisheries and Aquaculture Department (Headquarter)
Hagoromo Foods Co., Ltd.
Koden Electronics Co., Ltd. (Headquarters)
A.P. Møller - Maersk A/S - Headquarters
BVQI - Bureau Veritas Quality International (Head Office)
UPS - United Parcel Service, Inc. - Headquarters
Hamburg Süd Group - (Headquearters)
Armadora Pereira S.A. - Group Headquarters
NOAA - National Oceanic and Atmospheric Administration (Headquarters)
Omega Protein Corporation -Headquarter-
Marona S.A.
Marine Harvest ASA - Headquarters
Marubeni Europe Plc -UK-
Findus Ltd
Icom Inc. (Headquarter)
WWF Centroamerica
Oceana Group Limited
The David and Lucile Packard Foundation
Ajinomoto Co., Inc. - Headquarters
Friosur S.A. - Headquarters
Cargill, Incorporated - Global Headquarters
Benihana Inc.
Leardini Pescados Ltda
Mitsubishi Corporation Marine Products Depts. D.Team
CJ Corporation  - Group Headquarters
Greenpeace International - The Netherlands | Headquarters
David Suzuki Foundation
Fisheries and Oceans Canada -Communications Branch-
Mitsui & Co.,Ltd - Headquarters
NOREBO Group (former Ocean Trawlers Group)
Natori Co., Ltd.
Carrefour Supermarket - Headquarters
FedEx Corporation -Headquarter-
AKBM - Aker BioMarine ASA
Seafood Choices Alliance -Headquarter-
Austevoll Seafood ASA
Walmart / Wal-Mart Stores, Inc. (Supermarket) -Headquarter-
New Japan Radio Co.Ltd (JRC) -Head Office-
Gulfstream JSC
INVE Group - Head Office
Marine Stewardship Council - MSC Worldwide Headquarters
Royal Dutch Shell plc (Headquarter)
Genki Sushi Co.,Ltd -Headquarter-
Iceland Pelagic ehf
AXA Assistance Argentina S.A.
Caterpillar Inc. - Headquarters
Tiger Brands Limited
Morpol ASA - Group Headquarters
SeaChoice
National Geographic Society
AmazonFresh, LLC - AmazonFresh

Copyright 1995 - 2018 Fish Info & Services Co.Ltd| All Rights Reserved.   DISCLAIMER