Kvarøy Arctic and Blockchain Based Industry
Kvarøy Arctic is a Norwegian based producer of salmon, which is actually farmed. This producer has joined the IBM Food Trust recently. This IBM Food Trust is a blockchain based supply chain solution for food industries.
Kvarøy Arctic is basically a supplier for several restaurants. The Whole Food retailers across Canada and the United States, along with Kvarøy Arctic, are going to use the blockchain technology so that they can provide sufficient data on the origin of its products to consumers and restaurants.
Raj Rao is the general manager of the IBM Food Trust, and he described that partnership as promoting sustainability and transparency in the supply chains of seafood.
Blockchain Technology Boosts Transparency
Data regarding the origin of these salmons farmed by Kvarøy Arctic will be useable to the corporate buyers as well as the consumers via QR codes.
Also, customers can get access to detailed information and pictures illustrating the states under which those salmons were farmed. It will also include those people, their densities, and their habitats where those salmon were raised and farmed.
The salmon producer is also working together with the feed supplier named BioMar. The reason is to provide the supply chain information to the project.
Premium Foods and Premium Frauds
Kvarøy Arctic has reported that there is an abrupt increase in the demand for seafood across the United States within the last 3 months. Espen Braathe, the representative of the IBM Food Trust, told to the Forbes that premium food attracted a greater number of frauds compared with other consumable products. A research conducted by the Environmental Nonprofit Oceana found that 1/3 portion of the seafood products are in pathetic conditions in the US.
The CEO of the Kvarøy Arctic named Alf-Gøran Knutsen said that blockchain could be a bright future when it was about ending these fraud issues in the seafood supply chain. The blockchain technology would track the detail, which could help them to reduce food waste.