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Chuck Reynolds
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Chuck Reynolds   My Press Releases

Blockchain Will Radically Transform Fishing

Published on 3/13/2018
For additional information  Click Here

Industries That Blockchain Will Radically Transform Fishing

The term “cryptocurrency” is a misnomer.

A common misconception, held by many newcomers to the blockchain world, is that the technology’s potential lies solely in the banking and financial industry. In fact, the recent suggestion of the Indian government to rename cryptocurrency as “crypto assets”, and Warren’s Buffett’s belief that Bitcoin is not in any way a currency, are perhaps closer to the true nature of cryptocurrency than the commonly held belief that it is simply digital money.

Cryptocurrencies should not be seen as just money, but as tools. Blockchain technology, which underpins cryptocurrency, has potential in many more forms than just as a medium of exchange and store of value.

The application of this technology to industries as varied as supply chain management, fashion and publishing is a result of the innate flexibility of blockchain. The nature of a platform can be programmed to suit a variety of needs. The sooner an investor realizes this, the sooner they will see how exactly it might be applied to different industries, giving them a degree of clarity with can help them measure the potential of a project to disrupt a particular industry.

Given the immense potential of blockchain, we take a look at industries, one at a time, that will be upended by its imminent commercial arrival. The shown here is as folows:


The fishing industry is a major source of livelihood

in the developing world, with over 500 million people depending on it. It remains a vital part of the economy, but is faced with growing calls of restriction from environmentalists and regulators who are concerned about environmental sustainability. It is this kind of situation, where both parties have justifiable arguments to support their cause, that blockchain can help achieve a compromise.

Overfishing is a serious threat to the environment and over 30% of the world’s fisheries have exceeded safe fishing levels, the result of which is permanent damage to the ecosystems and the extinction of species, like the Atlantic bluefin tuna. Of course, it also affects the communities that depend on a sufficient aquatic population to make their living. In international waters, there are few regulations to curtail fishing. Not only does this blatantly flout whatever few regulations exist to prevent harm to marine life, it also hurts the economy. $23 billion has been lost due to illegal fishing. What’s worse is that the illegal fishing industry is supported by slave labor.

Overall, the application of blockchain in this industry addresses two problems: those faced by people who make their living from it, and the sustainable and moral guidelines by which aquatic life can be harvested for consumption without irreversible endangerment.

WWF has partnered with ConsenSys and SeaQuest Fiji to implement a blockchain system where consumers can verify that the fish they purchase is not a result of illegal fishing. The latter has used the technology to track fish from the moment it is caught to its arrival at the distributor. A UK-based company called Provenance has also used smart tagging on fishes to verify social sustainability claims. They even conducted a 6-month pilot program to measure blockchain’s effectiveness for this purpose. Their extensive study indicated that the technology would make great headway in Indonesia, where 30% of the world’s illegal fishing occurs. Their approach is to incentivize fishermen with the help of a system that allows them to continue their livelihood.

Stratis, which we mentioned earlier, has teamed up Earth Twine to implement blockchain in the seafood industry. Earth Twine, like Provenance, is also combating illegal fishing, but with extra focus on complying with NOAA standards. The role of Stratis is to integrate a blockchain ledger, apps and tokens with Earth Twine’s seafood tracking solutions.

Chuck Reynolds

Marketing Dept

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