Today, it was announced that the World Wide Fund for Nature
(WWF) Philippines and UnionBank are collaborating to develop a blockchain-based fish traceability platform. Finnish consulting firm TX and blockchain protocol Streamr will also work on building Tracey, the blockchain app for the fishing sector.
There’s a two-pronged approach — facilitating sustainable fishing and providing financial support to the fishers. The group hopes to achieve this by incentivizing data input, that is by paying workers for uploading catch data such as location and species. This information will be shared with the WWF, government agencies and other third-party organizations who will pay for it.
As the data is being uploaded and analyzed, a credit score will be built for every fisher, enabling them to get access to microfinance. The Tracey app will provide UnionBank with information about potential clients, and the catch and trade data will be used to generate the credit rating. Existing checks and balances within the fisheries ecosystem will be used to prevent fraudulent data input.
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