UnionBank, WWF, Streamr Launch DLT-based Fish Traceability Pilot | BTCMANAGER
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The Filipino arm of the World Wide Fund for Nature (WWF), UnionBank, the seventh-largest bank in the Philippines in terms of assets, and Streamr, a blockchain project that tokenizes streamable data, allowing users to trade digital content, are joining forces to develop Tracey, a distributed ledger technology (DLT) powered fish traceability system. The project aims to promote sustainable finishing while also rewarding fishers for their hard work, reports LedgerInsights on December 3, 2019.
Promoting Sustainable Fishing with DLT
At a time when consumers across the globe are getting increasingly interested in knowing how sustainable the seafood they consume is, the World Wide Fund for Nature (WWF), UnionBank, Stream and Finland-based consulting have come together to develop a blockchain-based fish traceability program.
Dubbed Tracey, the seafood traceability program will reportedly facilitate sustainable fishing methods and alleviate the sufferings of fishers in the region by providing fishermen with financial support.
The team plans to pay workers to input accurate information about the fish caught, including their location and species. The information will then be shared with the WWF, government agencies as well as other entities interested in paying for it.
Making it Work
The team says the Tracey fish traceability solution will be built upon the Streamr blockchain. This data will, in turn, be used to create the credit score of every fisher, making it possible for them to get access to funding from UnionBank.