The multibillion-dollar fisheries industry in India is going Blockchain with Walmart launching an end-to-end traceability of transportation and food safety procedures for shrimp sourced from the world’s second-largest country. In addition, Walmart will also be funding smallholder farmers in Andhra Pradesh to gain BAP certification training. It will also support them to gain access to new market opportunities.
The US-based retail giant has announced a pilot to track shrimp imported from Andhra Pradesh to selected Sam Club’s locations in the US.
“The introduction of blockchain in the shrimp supply chain could help improve the quality of information on the product for compliance purposes and for sharing with consumers, providing added traceability beginning at the farm and extending throughout the transportation process,” the company said.
The blockchain pilot will allow smallholder farmers to export to Walmart’s membership-only retail warehouse “Sam’s Club” food safety programme, which requires suppliers of seafood products to complete internationally-recognized standard best aquaculture practices (BAP). This includes responsible cultivation and sustainable farming to produce high-quality seafood produce.
“This end-to-end blockchain pilot is the first of its kind in India and has the potential to create long-term economic opportunity for the shrimp farming community in Andhra Pradesh, directly benefiting the farmers through new skills training and development,” said Chowdary Kunam, managing director of Sandhya Aqua.
For the pilot, Walmart has partnered with Andhra Pradesh-based seafood processor Sandhya Aqua and US-based supplier Stanley Pearlman Enterprises. Walmart has been working with IBM on the use of blockchain technology to enhance global food traceability since 2017, under the IBM Food Trust initiative.
IBM and Walmart have already launched several initiatives to strengthen food safety in the fresh produce supply chain, before entering the Indian seafood industry. The company uses the same blockchain technology to source all leafy green vegetables for Sam’s stores and Walmart.
Globally, the aquaculture market was valued at $169 Bn in 2015 and is expected to grow at 5.3% CAGR to touch $242 Bn by 2022. India, the world’s biggest shrimp exporter, counts the US as its largest market, with 46% market share by value of total exports. India exported over 248K tonnes of shrimp, worth $2.17 Bn to the US last year.
With this blockchain technology, the trading between the two countries will be strengthened by ensuring transparency in the supply chain and traceability. Using Blockchain technology, Walmart is looking to position India as the number one source of seafood for the US.
- Token Taxonomy Workshop – - January 24, 2020
- Deloitte Bullish on Libra Project in New Report - January 22, 2020
- Busted: SEC Charges Blockchain Marketplace Founder Sergii “Sergey” Grybniak for Fraudulent ICO 2017 - January 22, 2020
- DC Blockchain Advocacy Group US Chamber of Digital Commerce Supports Telegram Vs. SEC Case - January 22, 2020
- BIS Forms New Central Bank Think Tank to Assess National Cryptocurrencies - January 22, 2020
- Bank of England Pondering National Cryptocurrency - January 22, 2020
- Infamous Online Gaming Community Clanbase to Relaunch With Blockchain Technology in 2021 - January 21, 2020
- Chainalysis: 2019 Saw More Cryptocurrency Hacks – Total Amount Stolen From Exchanges Dropped To $283 Million - January 21, 2020
- J. Christopher Giancarlo, former Chairman of the US Commodity Futures Trading Commission - January 21, 2020
- Ethereum Classic Labs Donates $1 Million to UNICEF Innovation Ventures - January 20, 2020
- Busted: SEC and U.S. Attorney’s Office for the District of New Jersey Files Lawsuits Against Fraudulent ICO that raised $30 million - January 17, 2020
- Kenya Issues Second ICO Warning After Investors Lose €24+ Million Euro - January 17, 2020
- Neufund Wraps Tokenised Equity Crowdfunding Series B with Greyp Bikes raising €1.4m EUR - January 17, 2020
- U.S. Lawmakers Pondering “Crypto-Currency Act of 2020” - January 17, 2020
- New Blockchain-based Visa Token Service Set To Launch in 2020 – Set to Reach $1 Trillion - January 17, 2020
- Germany’s New Shore Invest Launches STO Ship Financing Platform – Tokenised Fractional Ownership - January 16, 2020
- Open Source Luminary Marc Fleury Enters Crypto Arena with Announcement of New Crypto Asset Class and Continuous Token Offering Sale - January 16, 2020
- UN Warns Public Not To Attend North Korea Blockchain and Cryptocurrency Conference 2020 - January 16, 2020
- Fiat-to-Crypto Gateway Solution, Banxa, Raises $2 Million USD Series A Round Led By NGC Ventures - January 15, 2020
- United Africa Blockchain Association Plans to Fire Up Blockchain Adoption - January 14, 2020
Also published on Medium.