Welcome to FIS   Sponsored By
Subscribe to FIS | Register with FIS | Advertise with FIS | Newsletter | About FIS | Contact us
   


Last year, IBM executives flew to Walmart’s headquarters in Arkansas to propose a solution: the blockchain.

The good and bad of blockchain: Walmart from fisherman to the customer in real time

Click on the flag for more information about United States UNITED STATES
Tuesday, February 13, 2018, 08:00 (GMT + 9)

Everything associated with Bitcoin became a little more interesting when the cryptocurrency’s value skyrocketed, doubling in less than a month to more than $17,500 by mid-December 2017. But even though many investors remain skeptical about Bitcoin, blockchain—the open-source code behind it—has drawn interest from a diverse set of household names, including Citigroup, UPS, and Walmart.



Walmart may view blockchain—which was popularized in 2009 by Bitcoin’s anonymous founder—as a way to follow a crate of frozen tilapia from Shanghai to South Dakota. For Maersk, the Danish shipping conglomerate, blockchain could help it confirm that a vital customs form for a cargo ship in Dubai, United Arab Emirates, has been signed. A blogger in Mexico City could rely on the technology to accept low-fee micropayments from appreciative readers in Milan.

The combination of high security and low fees (for now) that a currency-trading platform needs. For other business applications, the blockchain offers advances on the old ways of doing things. 



Take the Walmart example. For reasons ranging from reputation to protection against liability, the retailer wants to ensure that the tilapia it sells meets certain quality standards. Among other considerations, once-frozen fish should stay frozen until a customer defrosts it himself. Currently, ensuring this requires Walmart to keep tabs on a line of middlemen making strings of promises confirmed by anything from legally binding contracts to handshakes, which is arduous and expensive.

Using the blockchain, however, Walmart could sign contracts directly and in real time with everyone from a fisherman to a wholesale-seafood-market manager, a packager, a US customs agent, and a long-haul trucker. Fees would be minimal, and the paperwork eliminated entirely. The digital contracts would also be tamperproof. As Cong and He highlight, such smart contracting solves the trust issue and encourages other parties to enter and compete in the market. Thanks to the robust system of oversight and enforcement, Walmart can trust that contracts will be executed, even by new companies it hasn’t done business with before. If a company it does business with fails to meet the terms of its contract, the company is penalized, or the contracted fee isn’t transferred. 



However, the researchers identify a potential trade-off to these advantages: the possibility of cartel risk. Blockchains won’t necessarily lead to cartels, but Cong and He point out that cartels could arise in certain conditions...

By ROSE JACOBS / review.chicagobooth.edu | Read full article here


 Print


Click to know how to advertise in FIS
MORE NEWS
Peru
Feb 22, 01:10 (GMT + 9):
Fisheries sector registers important advance in January, thanks to anchovy
Japan
Feb 22, 01:00 (GMT + 9):
IN BRIEF - Focus on seafood for Norwegian PM on visit to Japan
Singapore
Feb 22, 01:00 (GMT + 9):
IN BRIEF - More must be done to boost local aquaculture
United States
Feb 22, 01:00 (GMT + 9):
IN BRIEF - Cooke Aquaculture Threatens to Seek Damages from Washington State
Republic of Ireland
Feb 22, 01:00 (GMT + 9):
IN BRIEF - Fisheries body confirms presence of farmed Atlantic salmon in Galway rivers
Hong Kong
Feb 22, 01:00 (GMT + 9):
IN BRIEF - Hong Kong supermarkets need to do better at labelling seafood accurately, to help protect threatened marine life
Republic of Ireland
Feb 22, 00:40 (GMT + 9):
Aquaculture organisation rejects affirmations on escaped salmon in Irish rivers
United States
Feb 21, 23:50 (GMT + 9):
Washington fish growers urge Senate to stop salmon farm bans
Argentina
Feb 21, 23:00 (GMT + 9):
Squid jiggers caugth 22,000 tonnes of Illex in three weeks
United States
Feb 21, 22:50 (GMT + 9):
Cooke warns of NAFTA battle to recover investments in Washington
Mexico
Feb 21, 22:40 (GMT + 9):
Start date for shrimp ban in the Pacific defined
Norway
Feb 21, 21:20 (GMT + 9):
Salmon price status at week 7
European Union
Feb 21, 03:10 (GMT + 9):
Nine more stocks than in 2017 are now fished at sustainable levels
Spain
Feb 21, 02:30 (GMT + 9):
Government seeks to maintain activity of Cantabrian fleet, despite mackerel cut
Thailand
Feb 21, 02:20 (GMT + 9):
Thai Union registers record sales in 2017



Lenguaje
FEATURED EVENTS
  
TOP STORIES
Scanning techniques, another tool to address abuses in the fishing industry
Thailand The Government of Thailand is reinforcing measures to eliminate human trafficking in its fisheries industry, following claims of widespread abuse by a human rights group.
Half of Spanish restaurants serve fish other than those offered
Spain One out of every two of 204 restaurants analyzed in Spain serves fish dishes that do not correspond to what is indicated in the menu, according to the study led by the AZTI technological center. Mo...
Higher exports of live lobsters to Asia offset fall in sales to Europe
United States Two thirds of the live lobsters that the United States exported last year went to Asia, a percentage that reflects a growth of 36 percent year-on-year.
UN information exchange tool supports fisheries sustainability
Worldwide It is estimated that the global seafood trade is worth USD 140 billion, but overfishing and illegal, unreported and unregulated fishing are putting the health of fisheries and ocean ecosystems at high risk.
 
Maruha Nichiro Corporation
Nichirei Corporation -Headquarter-
Pesquera El Golfo S.A.
Ventisqueros - Productos del Mar Ventisqueros S.A
Wärtsilä Corporation -Wartsila Group Headquarter-
ITOCHU Corporation -Headquarter-
BAADER - Nordischer Maschinenbau Rud. Baader GmbH+Co.KG (Head Office)
Inmarsat plc - Global Headquarters
Marks & Spencer
Tesco PLC (Supermarket) - Headquarters
Sea Harvest Corporation (PTY) Ltd.
I&J - Irvin & Johnson Holding Company (Pty) Ltd.
Blue Continent Products (Pty) Ltd - (Oceana Group Limited)
Pesquera San Jose S.A.
Nutreco N.V. - Head Office
CNFC China National Fisheries Corporation - Group Headquarters
W. van der Zwan & Zn. B.V.
SMMI - Sunderland Marine Mutual Insurance Co., Ltd. - Headquarters
Icicle Seafoods Inc. -Headquarter-
Starkist Seafood Co. - Headquearters
Trident Seafoods Corp.
American Seafoods Group LLC - Head Office
Marel - Group Headquarters
SalMar ASA - Group Headquarters
Sajo Industries Co., Ltd
Hansung Enterprise Co.,Ltd.
BIM - Irish Sea Fisheries Board (An Bord Iascaigh Mhara)
CEFAS - Centre for Environment, Fisheries & Aquaculture Science
COPEINCA ASA - Corporacion Pesquera Inca S.A.C.
Chun Cheng Fishery Enterprise Pte Ltd.
VASEP - Vietnam Association of Seafood Exporters & Producers
Gomes da Costa
Furuno Electric Co., Ltd. (Headquarters)
NISSUI - Nippon Suisan Kaisha, Ltd. - Group Headquarters
FAO -Food and Agriculture Organization- Fisheries and Aquaculture Department (Headquarter)
Hagoromo Foods Co., Ltd.
Koden Electronics Co., Ltd. (Headquarters)
A.P. Møller - Maersk A/S - Headquarters
BVQI - Bureau Veritas Quality International (Head Office)
UPS - United Parcel Service, Inc. - Headquarters
Hamburg Süd Group - (Headquearters)
Armadora Pereira S.A. - Group Headquarters
NOAA - National Oceanic and Atmospheric Administration (Headquarters)
Omega Protein Corporation -Headquarter-
Marona S.A.
Marine Harvest ASA - Headquarters
Marubeni Europe Plc -UK-
Findus Ltd
Icom Inc. (Headquarter)
WWF Centroamerica
Oceana Group Limited
The David and Lucile Packard Foundation
Ajinomoto Co., Inc. - Headquarters
Friosur S.A. - Headquarters
Cargill, Incorporated - Global Headquarters
Benihana Inc.
Leardini Pescados Ltda
Mitsubishi Corporation Marine Products Depts. D.Team
CJ Corporation  - Group Headquarters
Greenpeace International - The Netherlands
David Suzuki Foundation
Fisheries and Oceans Canada -Communications Branch-
Mitsui & Co.,Ltd - Headquarters
NOREBO Group (former Ocean Trawlers Group)
Natori Co., Ltd.
Carrefour Supermarket - Headquarters
FedEx Corporation -Headquarter-
AKBM - Aker BioMarine ASA
Seafood Choices Alliance -Headquarter-
Austevoll Seafood ASA
Walmart / Wal-Mart Stores, Inc. (Supermarket) -Headquarter-
New Japan Radio Co.Ltd (JRC) -Head Office-
Gulfstream JSC
INVE Group - Head Office
Marine Stewardship Council - MSC Worldwide Headquarters
Royal Dutch Shell plc (Headquarter)
Genki Sushi Co.,Ltd -Headquarter-
Iceland Pelagic ehf
AXA Assistance Argentina S.A.
Caterpillar Inc. - Headquarters
Tiger Brands Limited
Morpol ASA - Group Headquarters
SeaChoice
National Geographic Society
AmazonFresh, LLC - AmazonFresh

Copyright 1995 - 2018 Fish Info & Services Co.Ltd| All Rights Reserved.   DISCLAIMER