WWF, UnionBank collaborate for blockchain fish traceability

Today, it was announced that the World Wide Fund for Nature (WWF) Philippines and UnionBank are collaborating to develop a blockchain-based fish traceability platform. Finnish consulting firm TX and blockchain protocol Streamr will also work on building Tracey, the blockchain app for the fishing sector.

There’s a two-pronged approach — facilitating sustainable fishing and providing financial support to the fishers. The group hopes to achieve this by incentivizing data input, that is by paying workers for uploading catch data such as location and species. This information will be shared with the WWF, government agencies and other third-party organizations who will pay for it.

As the data is being uploaded and analyzed, a credit score will be built for every fisher, enabling them to get access to microfinance. The Tracey app will provide UnionBank with information about potential clients, and the catch and trade data will be used to generate the credit rating. Existing checks and balances within the fisheries ecosystem will be used to prevent fraudulent data input.

“Small fishers in many coastal countries remain poor despite the high-value fish they catch, like yellowfin tuna,” said Susan Roxas, Fisheries and Finance Lead for WWF’s Coral Triangle Program.

Roxas continued: “This (Tracey) then creates possibilities for a more equitable distribution of supply chain benefits, through measures that prevent Illegal, unreported and unregulated (IUU) fishing and ensures sustainable production.”

Role of Streamr

Streamr is a Swiss initiative which launched in 2017 and ran a token sale in early 2018 raised almost $38 million. It is an open-source project using real-time inputs to monetize data.

The Tracey app will be built on top of Streamr and leverage its blockchain network. The data stream will be connected to Streamr Marketplace, where third parties can pay to access it. This revenue will then be transferred to fishers. UnionBank of the Philippines…

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