In a world grappling with hunger, a recent report by the World Economic Forum reveals a troubling statistic: a staggering 15% of fish and seafood within our food supply chain is wasted.
Aquatic foods play a vital role in global nutrition and food security, with their consumption steadily rising each year. However, a significant portion of these resources go unconsumed. According to the Investigating Global Aquatic Food Loss and Waste white paper, an alarming 23.8 million tonnes of edible aquatic food went to waste in 2021.
The primary contributors to this food loss are land-based processing and discarded catches from wild fishing (as opposed to aquaculture), each accounting for over a third of the total amount.
The BSV blockchain can help reduce food wastage
The BSV blockchain holds significant promise in combating food waste through its ability to enhance transparency, traceability, and efficiency throughout the food supply chain. By recording transactions in an immutable ledger, the BSV blockchain enables stakeholders to track the journey of food products from farm to fork with unparalleled accuracy.
This transparency helps identify inefficiencies and points of waste, empowering producers, distributors, and consumers to make more informed decisions and take proactive measures to minimise wastage.
One key way the BSV blockchain can curb food waste is by enabling real-time monitoring of inventory and expiration dates. Smart contracts can automatically trigger alerts when products are nearing their expiry, prompting timely actions such as discounts or donations to prevent spoilage. Additionally, by digitally tracking the movement of goods, blockchain reduces the likelihood of products getting lost or misplaced in transit, thereby minimising the risk of spoilage due to logistical errors.
Furthermore, blockchain facilitates better collaboration and communication among supply chain participants, fostering greater accountability and responsibility. Through shared access to a ledger, stakeholders can securely exchange data and coordinate efforts to optimise inventory management, reduce overproduction, and streamline distribution channels. This collaborative approach fosters trust and transparency, incentivizing all parties to prioritise sustainability and minimise food waste throughout the supply chain.
UNISOT combatting food wastage
One company which is working with the BSV blockchain to combat food wastage is UNISOT. The company provides a digital product passport that can be scanned by end consumers to obtain information on the product’s sustainability, ingredients, and origin.
This information helps with recycling materials and creates 360-global interoperability, which allows companies to prove the authenticity and quality of their products. UNISOT’s technology is particularly useful for midsize companies that may not have the resources to cover the entire supply chain in their system.
The BSV blockchain makes this possible by connecting all the actors in the supply chain and providing very specific traceability. For example, a small beer brewer was able to use the system to trace all the ingredients in their beer and create a QR code that could be scanned to provide information about the product’s journey.
The system would also allow consumers to support small farmers and other producers by donating money directly and receiving a batch proving their support. In addition, the system would make recalls easier by quickly tracing where a product has gone and what has been done to it. Ultimately, digital product passports give consumers the confidence to make informed choices about the products they purchase and support small businesses with high-quality products.
