It is difficult to formally trace and identify fish from source to consumer. We aim to stop seafood fraud and mislabelling. Operators of Current Fishing Schemes need an easier & more attractive way to work with the supply chain….
We learned from a huge number of experts that there were three main challenges in fish auditing:
Little reward for sustainable fishing and there is too much paperwork for sustainable approval.
Manual and slow. Hostility towards data transparency. Corruption.
Unknown source location and cannot be certain of species.
What it does
Prevents seafood fraud & mislabelling
- Reward sustainable & honest fisheries
- Maintains anonymity & auditability at the same time
- Validate species identity & verify of fish source
Using blockchain we can audit every transaction of a fish from the sea to the plate through an easy-to-use mobile app. We transfer encrypted tokens containing fish weight, location and species. An object recognition tool aids the validation of the fish species through the chain. Every member of the chain will be rewarded financially once the fish reaches the consumer.
(For a diagrammatic description please see the image carousel above.)
How we built it
We can audit every transaction of a fish from the sea to the plate. A unique code is created in each transaction and a contract is created. This allows the fish to be divided up into smaller quantities and still have a trackable history, similar to a family tree structure the unique code has unique 'DNA' but it's ancestry is always traceable. This is valuable because it means that we can be certain that the location is legally allowed to be fished, can monitor the species caught in the area and through the weight tracking system we can make sure that fraudulent activities do not take place as the total weight cannot increase as you move down the chain.
Blockchain allows us to financially reward every member of the chain once the fish reaches the consumer. This is possible as the consumer will pay a premium for sustainably caught fish and this will be fed back down the chain anonymously.
We can verify the species of the fish as the enter the chain so make sure that the correct species has been listed.
Our mobile app makes the transfer or FishCoins quickly and easily.
Challenges we ran into
The fishery experts explained to us the hostility towards sharing details of the transactions throughout the supply chain. We have tackled this problem by making FishCoin completely separate to the transfer of funds and have created a cryptographic contract which ensures the species, location and weight of the fish is uncorrupt without sharing this data previously created in the chain with the individuals in the contract.
Accomplishments that we're proud of
What we learned
What's next for FishCoin
There are several other benefits that we know FishCoin could bring:
- Huge potential for mapping trends in fish populations.
- Incentivised to sell to those to make sure the fish get to consumer reducing waste.
- Unique codes are mutually exclusive from local currency.
FishCoin is globally scalable
- To create a global audit of what is taken out of the sea and where it is sent.
- The unique codes are transferable regardless of currency.
- Simple app design will be easily transferable to other languages.