Blockchain technology is solving the issue of improving trust between Norwegian seafood suppliers and consumers.
Customers are also demanding more documentation about the food they eat, and suppliers want to be able to guarantee where food comes from to ensure its quality and provenance.
Blockchain technology can provide the guarantee that every item across the supply chain can be traced right back to its source.
IBM has announced that it is collaborating with the Norwegian Seafood Association, Sjømatbedriftene, to provide blockchain technology to share supply chain data throughout Norway's seafood industry.
Norwegian seafood is known for its quality and Norway exported more than 2.7 million tons of seafood during 2019, the equivalent of 25,000 meals per minute.
Being able to use blockchain technology to provide fully traceable products is key to ensuring their provenance from sea to table.
Sea farmed salmon company, Kvarøy Arctic, is one of the first companies who will soon begin delivering products to leading retailers in the United States and Canada using the tracking and provenance technology.
Another is fish feed company, BioMar, which means that Nordic seafood companies can gain insight into the origin and quality of seafood as well as the quality of feed the fish consume.
Being able to monitor where the fish comes from, its growing, and storage conditions will enable the supply chain to reduce food waste and improve sustainability -- important to seafood consumers, and the food industry.
Alf-Gøran Knutsen, CEO of Kvarøy Arctic, said "Blockchain lets us share the fish's journey from the ocean to the store. This is now more timely than ever, as consumers want more information about where the food they eat comes from."
For commercial success, the private blockchain network records data about catch location and time, supply chain events like shipping updates and customs clearance, and temperature, which can be shared with permissioned parties across the network.
The cloud-based IBM Blockchain Platform blockchain-based network will allow customers in-store to know which fjord the fish came from, when it was fished, the feed it has eaten and whether the facility uses sustainable methods.
Customs agencies will be able to access data about the volume and location of shipments to expedite customs clearance.
By sharing all this information across the supply chain, seafood producers will also be able to charge a premium, increasing pay for the people who catch your fish.
According to a recent IBM study, 71% of consumers indicate that traceability is important to them and that they are willing to pay a premium for brands that provide it.
The IBM Blockchain Transparent Supply technology enables organizations and consortia to build their own sustainable, transparent blockchain-based ecosystem for their own supply chain operations.
It is important to be able to trace where the fish came from, how it was grown, or how it was stored. Without transparency, the potential for fraud and food waste increases significantly.
With blockchain's immutable ledger and transparency, tracing products directly back to the source will become simple.
And with an enterprise private blockchain, more businesses will turn to blockchain-based ledgers to ensure accountability and traceability of every transaction on the ledger.
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