Part 4/9:
The key to fixing these issues lies in traceability—the ability to verify where seafood comes from and ensure fair payment throughout the supply chain. Traditional methods involve handwritten notepads and spreadsheets, which are prone to falsification and errors. One auditor, Trini Pratiwi, remarks that she often finds the paperwork "still wet," emphasizing how informal and unreliable these records can be.
Enter Fishcoin, a blockchain-based solution inspired by the idea of token incentivization to promote data sharing. Created by Alistair and his team, Fishcoin is a cryptocurrency that rewards fishers and farmers for providing accurate, traceable data about their catches, including species, quantity, and catch time.