MarinTrust backs blockchain to tighten traceability

Version 2.0 of its Chain of Custody, to be published later this month, will include a specific clause focusing on the recording of key data elements.

“It is hoped that applying the blockchain approach to the marine ingredient industry could create a level playing field across the whole sector, preventing IUU (illegal, unreported and unregulated fishing) materials from entering into the value chain as well as increasing the market value of raw materials such as by-products,” the comapny said in a press release.

‘Open and democratic’

MarinTrust said moving towards the implementation of responsible blockchain networks now seemed highly relevant.

It pointed out that blockchain technology operates along three guiding principles:

• It must be open and democratic, through an accessible database using no intermediary, allowing downstream companies to access Key Data Elements (KDEs) such as the area of fishing, names of caught species, processing location, sustainability credentials or certifications, production method, etc.;
• It must ensure transparency, allowing access to every transaction and its respective value;
• It guarantees irreversibility of records.

Traceability

“This approach should allow MarinTrust to contribute to enhancing the connection and dialogue between the fishmeal / fish oil industry and the industry delivering products for human consumption - two industries that are in the same space and use the same resources,” stated the company.

“MarinTrust wants to facilitate the collection and processing of data, making the most of its position within the value chain to help all stakeholders demonstrate traceability. Viability of the model will increase as the availability of the data increases.”

More than half of all marine ingredients produced globally are MarinTrust certified.