Seafood is a global commodity.

A fish caught in one part of the globe might change hands dozens of times and undergo multiple forms of processing and packaging before reaching its ultimate destination. As a result, seafood supply chains are complicated and inefficient.

Currently, seafood product Information is maintained in silos by separate multiple parties, and is easily changed and virtually impossible to trace...

statistics show that,
on average MORE THAN

0 %

of seafood is mislabeled.

This inefficient supply chain ecosystem perpetuates waste and exploits responsible fishermen and farmers.

IUU Seafood is seafood that is

ILLEGAL

Unregulated

Unreported

Seafood traceability is increasingly a focal point to address the entry of illegally and unethically produced products into the supply chain.

More and more, experts view full supply chain traceability and transparency as the only way to ensure against the continued entry of illegally or unethically produced seafood products into the seafood supply chain. Blockchain is a significant part of the solution – providing the platform for an immutable record tracing products throughout the seafood supply chain. This transparency and traceability enables the market to reward responsible and ethical producers, processors, distributors and retailers, while certainly excluding products that are illegal or unethical. By providing this transparency and traceability, Manna Seafood Blockchain enables and supports rewards to producers who engage in best practices.

What is Blockchain?

To begin, blockchain is a decentralized and digital list of immutable records that can be securely shared. This “ledger” expands to add another “block” of data,  as it passes through each user in the distribution process. Being decentralized means that no one participant acts  as the central database housing all the records. Instead, all users have access to selected data, with data access definitively blocked as to unshared data.

Breaking Down Myths and Concerns About Blockchain

What is Seafood Fraud?

Seafood is one of the most popular foods in the world, yet seafood consumers lack trustworthy information regarding the seafood products they are consuming. Recent studies have found that  55% of seafood is mislabeled, with seafood fraud costing an estimated $26-50B annually. (source)

Seafood fraud occurs when consumers are misled or misinformed about their seafood, and is often motivated by a desire to increase profits. Consumers directly suffer as a result of the pervasive seafood fraud, as do the seafood producing fishermen and farmers.  Seafood fraud costs everyone, and can have negative impacts on marine conservation efforts and seafood safety and quality. NOAA

Tampering and mislabeling of food products for financial gain costs the global economy

an estimated $26-50 Billion annually

Examples of seafood fraud include:

Species
Substitutions
Weights
Misstatements
Origin
Misstated

Illegal, Unregulated and Unreported (IUU) Fishing is devastating our wild fish stocks, with more than three-quarters of fish stocks worldwide fully or overexploited. Aquaculture has potential to bridge the seafood gap, and to take pressure off wild stocks, with more than half of the seafood consumed in the world a product of some type of seafood farming. In the United States, we are currently importing 91% of our seafood (CITE), with approximately 60% of those imports coming from China, and only 2% of those particular imports being inspected!

In order to prevent fraud and build trust, seafood consumers need to know where their seafood comes from, how it was farmed or wild captured, and how it was cared for throughout the supply chain, from fish to dish.

SOURCE:

1. Commercial Fishing – Satellite Monitoring | Global – Fishing Watch

2. Seafood Fraud Becoming a Costly Global Concern – The Food Institute

3. Blockchain to ‘save food industry $31 billion’, new research says – cnbc.com

MANNA SEAFOOD BLOCKCHAIN

Our integrated management team has a strong background in technology, business and seafood.