Benefits of Sea Food Traceability on Blockchain
Serving as a distributed ledger, a blockchain network ensures that each supply chain entity is aware of all transactions taking place across the network. Data can be stored to increase trust and visibility. It is now possible to maintain immutable, accurate, traceable records of every stage in any Sea Food supply chain-
- From- point of capture, fishing practices, processing, storage, transportation
- To- final sales/points of consumption
This higher visibility enables accurate matching of supply and demand, fair pricing, higher quality, overall reduced cost of operations and reduced pilferage.
Quicker payments and usage of smart contracts can help in lowering wastage and spoilage and this in turn improves sustainability. The problems of overfishing/exploitation can finally be addressed.
Traceability and transparency results in improved levels of trust. This enables increased exports and thus, increased consumption by consumers.