American startup KnowSeafood will launch a direct-to-consumer online seafood market using blockchain. The project aims to increase traceability and trust in the seafood chain and will enable consumers to track purchased sea products from the moment they are caught to when their delivery arrives.
The American market for seafood accounts for an average of four to seven middlemen before the product arrives in grocery stores. Furthermore, 90% is imported, with some claiming that as much as half is caught in America and reimported after being processed overseas. Such inefficiencies and time-consuming processes in the supply chain limit provenance traceability and open the door for food mislabeling and fraud opportunities. In fact, according to an investigation by New York’s Attorney General, over 25% of seafood in New York State stores was mislabeled, rising to more than 40% in the city.
KnowSeafood’s online market structure cuts out middlemen in the supply chain. The company will work directly with seafood harvesters so that products are shipped from harvester to KnowSeafood to consumers.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
