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Fishcoin application. (Image: Fishcoin)

Fishcoin becomes a utility token to help fight seafood fraud

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Tuesday, March 06, 2018, 23:50 (GMT + 9)

Intel’s blockchain technology can aid to avoid seafood industry mislabelling and fraud, an issue widely spread all over the world.

Intel ensures that the core of blockchain technology is simply a secure, transparent way to record transactions, and a number of companies are looking for ways to apply it to the seafood supply chain.

This new technology is implemented through Fishcoin, a utility token that creates an incentive for data capture in various forms, beginning with key data elements captured and communicated by fishermen and fish farmers for the purpose of traceability.

The creators of the Fishcoin Project -a blockchain based data ecosystem for the global seafood industry- point out that this utility token is not intended to hurdle seafood product trade. Instead, it is designed to incentivize the collection and input of data to help better manage resources.

“As the volume of data increases, efficiencies will be gained in the production and delivery of physical seafood goods, and with time, each mile of seafood supply chains will be transformed to become more sustainable, responsible and profitable. Fishcoin can be the reward for the millions of fishers and fish farmers who harvest the seafood we eat, as they harvest the data we need,” the company’s white paper reads.

This system implies that fishermen send a restaurant or grocery store information on the seafood they caught. This triggers a smart contract that transfers a certain number of Fishcoins into those fisher’s crypto wallets. The fishers can then use those Fishcoins to pay bills or buy cellphone minutes.

Fishcoin Project promoters point out that without these data, fish stocks cannot be properly managed, supply chain efficiencies cannot be substantially improved, cold chain and logistics services cannot be easily coordinated, and the world’s growing population, projected to rise by 37 per cent by 2050, could inevitably drive the seafood ecosystem to the point of collapse. Governments are aware of this problem and are introducing regulations.


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