Famous technology company IBM has today announced a three partner collaboration that will bring blockchain technology to the Norwegian seafood sector.
The triple partnership comprises of IBM, Atea, a Nordic IT infrastructure company, and Sjømatbedriftene an organization representing the Norwegian fishing sector. The three organisations together will work towards sharing supply chain data throughout the seafood industry. Doing this with the aim of making Norwegian seafood safer, and more trustworthy.
In the press release it states that a number of seafood companies are already on board. Two such companies are Kvarøy Arctic, a provider of natural salmon and BioMar, a provider of high quality fish feed. This will give insight into the origin of the fish and quality of its feed.
The CEO of Kvarøy Arctic had this to say:
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,Alf-Gøran Knutsen
The use of blockchain technology will enable consumers to trace whats on their plate directly back to where it came from. It will enable a closer relationship between both the consumers and producers. Producers will be able will be able to share their story of how it got to the consumer. Where the fish came from, how it was prepared, as well as other key steps along the supply chain. Building brand loyalty and an ethical conscience in consumers.
This is backed up a study conducted by IBM which states over 71% of consumers care about the traceability of their food.
The use of a blockchain based supply chain in the Norwegian seafood sector is not to be understated. Last year alone over 800$ million of Norweigan seafood products were exported.
The whole program is built off IBM’s Blockchain Transparent Supply. The press release states that it enables organizations to build out their own blockchain based ecosystem.
IBM in the past few years has been increasing the use of their own blockchain technology in recent years especially in the arena of supply chain. This foray into the Norwegian seafood industry is another example of that.
How the use of this technology effects the fishing the market in the long term is unclear, but the increasing use of blockchain technology in supply chains all around the world is definite.