The global seafood industry is facing a number of challenges, including rising demand, limited supply, and a lack of traceability and sustainability. Nearly 90% of the world’s seafood is sourced from fisheries and aquaculture operations that are struggling to be sustainable, in decline, or on the verge of collapse, while the seafood industry supports the livelihoods of one in ten people on the planet. Around 50% of fish are discarded or wasted within supply chains, and there is little data available for over 90% of seafood, which is largely produced by small scale producers in developing nations who do not have access to electronic Catch Documentation & Traceability (eCDT) technologies.
The TRACE Protocol (https://fishcoin.co/) offers a potential solution to these challenges through the use of blockchain technology. The TRACE Protocol is a highly scalable, open source platform that allows incentivization of data sharing in a democratized manner. It is a decentralized platform that enables different ecosystems to share data and incentives in a proportional value to the data shared. By creating an appropriate reward structure for data capture and an interoperable platform, the TRACE Protocol also allows for third party tool developers and dApp developers to participate and be rewarded for their contributions. This ultimately allows seafood buyers to have better insight into product safety and quality, governments to better manage fisheries using up-to-date data, and producers and intermediaries to be rewarded for data sharing and responsible behavior. Overall, the TRACE Protocol represents a potential global solution to improve traceability and sustainability in the seafood industry.