BLOCKCHAIN TECHNOLOGY IN THE INDIA’S FISHERIES INDUSTRY: CURRENT SCENARIO

Abstract

Blockchain technology has emerged as a transformative tool with the potential to revolutionize industries across the globe, and the fisheries industry is no exception. This abstract provides a concise overview of the current scenario of blockchain technology implementation in the fisheries sector.

The fisheries industry is critical in providing food security, livelihoods, and economic growth to numerous communities worldwide. However, the industry has been plagued by illegal, unreported, and unregulated (IUU) fishing, mislabeling, and lack of transparency throughout the supply chain. Blockchain technology offers a decentralized and transparent platform to address these challenges by enabling secure and tamper-proof data storage and sharing.

In conclusion, the fisheries industry stands to benefit significantly from the integration of blockchain technology. The current scenario reflects a growing awareness of the potential of blockchain to address longstanding issues of traceability, transparency, and sustainability. As the industry continues to explore and implement blockchain solutions, collaboration among stakeholders and ongoing technological advancements will play a pivotal role in shaping its transformative impact.