World Wide Fund for Nature in the Philippines to Create Blockchain-Powered Fish Traceability App
The World Wide Fund for Nature (WWF), the Philippines has teamed up with UnionBank, a digital wallet, to create a blockchain-powered app dubbed Tracey to offer financial support to local fishers, as well as propel traceability and transparency in the fish supply chain.
The blockchain-enabled fish traceability platform would boost sustainable fishing by incentivizing data input.
Poor Fishers to Benefit
Fishers will be paid to upload data about their catch, such as species and location. The information recorded will then be shared with government agencies, WWF, and other third-party organizations after paying for it.
By leveraging on Stream’s blockchain network, the Tracey app will enable poor fishers to get rewards for their catch. Expressly, Stream is an open-source project that utilizes real-time inputs to monetize data.
The Tracey app also supports a stable coin called Peso that was launched by UnionBank. It will also be instrumental in granting every fisher with a credit score based on their catch data, and this will act as the basis to access microfinance.
Susan Roxas, the Fisheries and Finance Lead for WWF’s Coral Triangle Program, acknowledged: “Small fishers in many coastal countries remain poor despite the high-value fish they catch, like yellowfin tuna.”
The blockchain-enabled app is set to alter this by providing fishers with financial support.
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