What Is Fishcoin?
The Fishcoin project has been designed as a decentralized network of tools that can be used to capture data. In past years, the seafood industry has largely avoided data exchange since neither the government nor consumers needed such data.
However, this reality is fast changing. For instance, since January 1, 2018, the US Seafood Import Monitoring Program has been requiring that chain of custody documents be provided. In an industry that is comprised of disjointed stakeholders, this represents a major issue since all stakeholders must work around a single standard to ensure data capture and transfer succeeds. To solve these issues, the Fishcoin project has not been designed as a single application but rather as a series of SDKs and APIs. These have been designed for the existing tools in the industry and can be used by third parties that wish to integrate their apps.
How Fishcoin EachMile's Seafood Traceability Blockchain Coin Works
To ensure that users actually capture data along the complex supply chain, the incentive used is a token. Stakeholders in the supply chain such as fishermen can get Fishcoin tokens each time they provide data. This will help to make them take the extra time required to send the data. The fishcoin tokens flow from the buyers to the sellers in this supply chain. This leads to a virtuous cycle where those that make the effort to capture data such as supply chain intermediaries are rewarded.
This shifts the economic burden of data transfer to those actors downstream such as restaurants, hotels, and retailers. These also benefit the most from traceability and other types of data. They can then use this data to validate the quality of the seafood that they supply to their consumers.
Fishcoin Project Interoperability
While many other platforms have emerged in recent years to solve the issues of traceability, none of them can meet the unique needs of the seafood sector. Only those with insider knowledge of the actual trade can come up with blockchain-based products to serve it. This is where the Fishcoin project comes in. They have the unique qualifications to develop and deploy the tools required for this sector.
The Fishcoin team comprises of experts in the seafood sector, technology experts, and supply chain experts. Best of all, most of the experts have decades of experience in their respective industries. Not only do these experts have the experience, but they also have the networks to deploy this token in the entire ecosystem globally. This is because for the technology to succeed, it will also require holding a conversation with major players in the sector.
The challenges that the seafood supply faces cannot be resolved with just technology. It will also require a deep understanding of social and financial issues that motivate various players within this sector. The huge amount of experience that the team has in facilitating sustainable and traceable seafood trade with major institutions is what they will bank on. They believe that their in-depth understanding of this sector is what will ensure that the Fishcoin token succeeds.