The seafood industry needs an interoperable architecture for transmitting data that is trusted, transparent and secure. Blockchain addresses these challenges, while a token ecosystem creates an incentive for those making the extra effort to capture data.
Rewarding data capture and data sharing
Fishcoin is a utility token that creates an incentive for data capture in various forms beginning with key data elements captured and communicated by fishermen and fish farmers for the purpose of traceability. By addressing the critical incentive problem we are effectively creating an ecosystem for rewarding fishermen and supply chain intermediaries through micro- transactions, creating a virtuous cycle (carrot) for sustainable practices that extends beyond government mandates (stick) for traceability.
An open and interoperable architecture
The Fishcoin ecosystem is not a single application, but a series of decentralized open source tools designed to integrate with those used by the industry. By creating the appropriate reward structure for data capture along with an interoperable architecture, the Fishcoin ecosystem will allow for makers of third party tools such as IoT sensors and other data inputs to participate in the ecosystem and be rewarded accordingly. This will increase the velocity of data through supply chains and allow buyers to have a better understanding of the actual metrics that impact safety and quality.
Designed by seafood industry insiders
While other blockchain based traceability platforms have emerged to address the very real supply chain problems that span industries, the seafood industry has unique needs that can only be addressed by those with insider knowledge based on the realities of actual trade. This is where the Eachmile team is uniquely qualified to design and develop the Fishcoin ecosystem because of our long experience facilitating traceable and sustainable seafood trade with institutional buyers. This serves as a model and use case for a range of technologies developed and used by Eachmile and our partners.
In addition to Eachmile personnel, we have assembled a special group of implementors and advisors from our network to build out the Fishcoin ecosystem. The Fishcoin team consists of experts in the fields of technology (including blockchain and IoT), sustainable development, ecosystem design and venture capital.