Blockchain
Sustainable Seafood Gets a Boost from IBM Blockchain Technology for Insight into the Journey from Sea to Table
Atea, IBM (NYSE: IBM) and Sjømatbedriftene, the Norwegian Seafood Association, today announced a new cross-industry collaboration to use blockchain technology to share supply chain data throughout Norway’s seafood industry to provide safer, better seafood to consumers worldwide.
Several Norwegian seafood companies are now in the process of putting data onto the network. One of these companies is Kvarøy Arctic, a leading provider of naturally sea farmed salmon, who will soon begin delivering products to leading retailers in the United States and Canada using the tracking and provenance technology. BioMar, a leading provider of high-grade fish feed, has also joined the network allowing Nordic seafood companies to provide insight into the origin and quality of seafood as well as the quality of feed the fish consume.
“It is important for our customers to know that the seafood they eat is not only safe but produced in a sustainable and healthy manner,” says Alf-Gøran Knutsen, CEO of Kvarøy Arctic. “Blockchain lets us share the fish’s journey from the ocean to the store. This is now more timely than ever, as consumers want more information about where the food they eat comes from.”
Norwegian seafood is known for its quality and the country exported more than 2.7 million tons of seafood in 2019, the equivalent of 25,000 meals per minute. At the same time, monitoring where the fish comes from, its growing and storage conditions, and reducing food waste remain of critical concern to seafood consumers who care deeply about sustainability.
Robert Eriksson, CEO of the Norwegian Seafood Association, believes that the technology will be of great significance going forward and that it will increase the competitive edge of the industry: “Norwegian seafood is known for its quality. Yet we still do not have the ability to trace where the fish came from, how it was grown or how it was stored. This creates the potential for fraud and food waste. Blockchain can help eliminate these problems with a transparent, accountable record of where each fish came from. We believe that this is only the start of something that will mean a great deal for the industry by creating more sustainable food production, which in turn will increase the return for producers,” Eriksson states.
Blockchain technology can help seafood producers create a “single version of the truth” about supply chain events, allowing consumers to trace their seafood products directly back to the source and enabling producers to tell stories about the products, where they come from, and how to prepare them. The private blockchain network records data about catch location and time, supply chain events like shipping updates and customs clearance, and even temperature, which can then be shared with permissioned parties.
According to a recent IBM study, 71% of consumers indicate that traceability is important to them and that they are willing to pay a premium for brands that provide it. Customers are also demanding more documentation about the food they eat. This new blockchain-based network will allow customers in-store to know the fjord where the fish is from, when it was fished, the feed it has eaten and whether the facility uses sustainable methods. Customs agencies will be able to more easily access data about volume and location of shipments to expedite customs clearance. By sharing all this information across the supply chain, seafood producers who invest in quality will also be able to charge a premium, increasing pay for the people who catch your fish.
“The Norwegian seafood industry exports more than $800 million worth of fish a year, making this an incredible opportunity to improve the quality of the products Norway shares with the world. While this specific application of the technology will be used in the seafood industry, we feel it has great potential in other prominent Nordic industries such as agriculture and retail. Working through the Atea Innovation Center, we will help network members innovate using the platform and drive new efficiencies,” says Steinar Sønsteby, CEO of Atea ASA.
The blockchain network uses IBM Blockchain Transparent Supply, an innovative offering from IBM using the underlying technology behind Food Trust. It enables organizations and consortia to rapidly build out their own sustainable blockchain-based ecosystem for improved supply chain operations across numerous industries. IBM Blockchain Transparent Supply promotes transparency and collaboration, allowing networks to manage their own membership, securely share documents and create a permanent record of the history and lifecycle of physical and digital assets.
“Blockchain is about enhancing flexibility and transparency, and IBM Blockchain Transparent Supply provides just that to clients who are interested in rapidly launching their own blockchain network with ecosystem partners, and using their own branding,” said IBM Food Trust General Manager Raj Rao. “This powerful technology gives network members the option to develop their own governance and determine how and what information is shared.”
Blockchain
Blocks & Headlines: Today in Blockchain (BRICS, Hungri Games, Nano Labs, MetaHorse Unity)
Building Customer Trust in AI with Blockchain
Blockchain is emerging as a critical tool in addressing the trust deficit in artificial intelligence. By leveraging decentralized ledgers, companies can provide transparent data provenance, ensuring that AI algorithms operate ethically and without bias. This integration allows customers to verify the origins of data used in AI models, fostering greater confidence.
Businesses deploying blockchain for AI governance must prioritize simplicity and accessibility in their implementations. While the technology’s potential is immense, it is essential to communicate its benefits in a manner that resonates with non-technical stakeholders.
Source: Harvard Business Review
Blockchain at a Crossroads: Balancing Promise and Peril
As blockchain technology matures, it finds itself at a crossroads. On one side, the promise of decentralization continues to captivate industries, offering solutions for supply chain management, finance, and digital identity. On the other, challenges such as regulatory scrutiny, scalability issues, and energy consumption threaten to impede its growth.
The path forward will require a concerted effort from developers, regulators, and industry leaders. Collaborative frameworks that address these challenges while preserving blockchain’s core principles of decentralization and transparency are key to ensuring its sustained relevance.
Source: Cointelegraph
BRICS vs. USD: Blockchain’s Role in Economic Shifts
The BRICS nations (Brazil, Russia, India, China, and South Africa) are exploring blockchain-based solutions to reduce their reliance on the US dollar in international trade. By adopting decentralized technologies, these nations aim to foster economic independence and promote stability in the face of geopolitical tensions.
This initiative exemplifies blockchain’s potential to redefine global financial systems. However, its success hinges on addressing interoperability issues and fostering international collaboration. The evolution of blockchain-based trade networks could mark the beginning of a new era in economic diplomacy.
Source: CoinGeek
Hungri Games Expands MetaHorse Unity to Base Blockchain
Hungri Games has announced the expansion of its MetaHorse Unity project to the Base blockchain, aiming to enhance the gaming experience with improved scalability and lower transaction costs. This move aligns with the growing trend of integrating blockchain into gaming to create transparent and secure ecosystems.
By adopting Base, a layer-2 blockchain, MetaHorse Unity seeks to offer players a seamless and cost-effective gaming experience. The partnership highlights the potential of blockchain to transform the gaming industry, enabling innovative monetization models and fostering player engagement.
Source: CoinTrust
Nano Labs Purchases Trump Tokens to Celebrate Presidency
Nano Labs commemorated former President Donald Trump’s legacy with the acquisition of 47 Trump Tokens. This symbolic gesture underscores the intersection of blockchain technology and cultural milestones, showcasing how tokens can represent historical and social narratives.
The purchase also highlights the increasing role of blockchain in creating unique, tradable assets that capture moments in time. As tokenization continues to gain traction, it is redefining how value and significance are assigned in the digital age.
Source: PRNewswire
Final Thoughts: Blockchain’s Expanding Horizons
This week’s developments highlight the diverse applications of blockchain technology, from fostering trust in AI to reshaping global economic systems. As the industry navigates challenges and opportunities, collaboration and innovation will be crucial in unlocking blockchain’s full potential.
While hurdles such as scalability and regulation persist, the technology’s ability to drive transparency, security, and inclusivity remains unparalleled. The coming years will undoubtedly see blockchain continue to evolve, solidifying its role as a transformative force across sectors.
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Blockchain
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Blockchain
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