The World Economic Forum (WEF) touts blockchain technology as the vaccine and game-changer needed to ensure things run smoothly in the global seafood supply chain irrespective of future disruptions. This is based on the fact that the coronavirus (COVID-19) pandemic has laid the bare knuckles of the inefficiencies and challenges faced by the seafood industry.
Blockchain offers light at the end of the tunnel
COVID-19 has shattered many sectors, and this has triggered a global economic turmoil. The worldwide seafood industry has nearly ground to a halt as fleets have ceased operation and products stranded.
The situation is dire to the extent that Indian fishermen are being forced to dump seafood products back into the sea-based on the lack of storage facilities or markets. Moreover, the NewZealand/Australian rock lobster market has closed overnight.
To avert future disruptions like the one caused by the coronavirus pandemic, the WEF sees blockchain as an ideal technological innovation that will give the worldwide seafood supply chain an edge.
For instance, blockchain technology can be integrated with application programming interfaces (APIs) to enable flagging whenever a market is available, as well as the automatic matching of buyers and sellers.
To eradicate unscrupulous dealers during a catastrophe, blockchain can immutably link fair labor and sustainability aspects to products.
Blockchain’s smart contracts
Blockchain technology is powered by smart contracts that ensure the automatic execution of payments and contract deliverables. The WEF trusts that they will come in handy in offering the global seafood sector a stepping stone whenever a crisis strikes because buyers and producers are provided with better decision making alternatives.
The World Economic Forum is continuously preaching the gospel of blockchain technology being revolutionary in the supply chain sector. For instance, it recently released its blockchain deployment toolkit aimed at helping companies of any size maximize the benefits needed to trigger a post-COVID-19 economic recovery.
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