Seafood Industry Initiative, Fishcoin, kicks off private sale to create token liquidity as an enabler of incentives for fishers and farmers to share data August 28, 2018 – Posted in: News

On August 13th, 2018 Fishcoin kicked off the private sale of the ICO for a seafood industry initiative leveraging Blockchain with mobile technology to incentivize data capture and sharing. This was for targeting predominantly small scale seafood producers representing over 90 percent of global seafood production. The platform is an open source, decentralized blockchain based network and ecosystem of applications that can be used to capture data.

On January 1, 2018, the U.S. Seafood Import Monitoring Program came into force requiring that chain of custody be provided for a number of species groups. According to Oceana, over 90 percent of seafood consumed in the U.S. is imported. Less than 1 percent inspected by the government for fraud. According to the Financial Times in 2016, Seafood is the highest traded food commodity by value. According to the Food and Agriculture Organization of the United Nations, the most recent official statistics indicate that 59.6 million people were engaged in the primary sector of capture fisheries and aquaculture in 2016. In 2016, 85 percent of the global population engaged in the fisheries and aquaculture sectors was in Asia. World trade in fish and fish products also grew significantly in value terms, with exports rising from USD 8 billion in 1976 to USD 143 billion in 2016.

In an industry of this scale and value that is comprised of disjointed stakeholders, there is clearly a major opportunity for all stakeholders to collaborate pre-competitively around a single standard to ensure data capture and transfer succeeds. The regulatory compliance gap from 90 percent import to 1 percent inspection is extraordinary. The brand risk to enterprise buyers fraught with human rights issues, supply availability concerns in light of illegal unregulated unreported fishing, ocean acidification and plastics pollution, inefficiencies from waste and opaque intermediaries are universal challenges data sharing can help address. The value for the ecosystem is driven by consumer awareness of species mislabeling and safety concerns creating market demand for traceability and sustainability data about their seafood.

To solve the lack of incentives for data sharing, Fishcoin has been designed as a series of SDKs and APIs. These have been designed to be interoperable for any existing tools in the industry and can be used by developers that wish to integrate or build apps. The Fishcoin model enables buyers (brands, traders, importers, etc…) to purchase tokens off of an exchange and incentivize small scale fishers and farmers to share data by rewarding them with pre-paid mobile airtime. Tokens are offered through applications like mFish who integrate with Fishcoin to offer tokens in exchange for data from fishers or farmers redeemable for mobile airtime on over 500+ mobile network operators around the world.

Unlike many other ICOs, Fishcoin has strong industry adoption and backing. Fishcoin is driven by global seafood and mobile technology leaders at Eachmile Technologies. These executives have formed partnerships with the U.S. Department of State, building on their long history of collaboration stemming back to when Leonardo DiCaprio and then U.S. Secretary of State John Kerry launched mFish with the team at the Our Ocean Conference in 2014. mFish was started in Indonesia to collect data from small scale fishers -team members Mark Kaplan and Jayson Berryhill were among the founding leaders of the program.

In 2016, mFish won the Golden Ring Award as the Top Value Added Service in Indonesian Telecommunications. Indonesian President Jokowi and ICT Minister Rudiantara met some of the first fishermen to use mFish and signed a national rollout of the application with XL Axiata and it was deemed part of The 2016 U.S. and Indonesia: a Strategic Partnership of Promise and Opportunity.[1] However, something was missing from mFish – the business model. mFish needed to be part of a supply chain and supply the facilitation of trade in order for it to scale.

With change of administration In 2017, Eachmile Technologies was created by mFish partner Jayson Berryhill, Seafood Industry veterans Alistair Douglas, Chief Executive Officer and aquaculture leader Alastair Smart as a technology focused sustainability seafood trading company leveraging blockchain to transform seafood supply chains.

In 2018, Mark Kaplan joined Eachmile Technologies to launch Fishcoin after a brief stint as Global VP of Sustainable Solutions at Unilever where he led digital strategy for the Chief Sustainability Office. The combination of experience at the highest levels of the mobile technology, consumer goods and seafood industries has enabled the partners to identify and meet the industry need for data sharing.

“Of the people we’ve spoke with, you’ve (Fishcoin) been able to make the clearest link between blockchain and social impact.” – Amy McGann, Foreign Affairs Officer, U.S. Department of State

Fishcoin will activate 40 percent of its 5,000,000,000 FISH token allocation with a target of 39,000 ETH. The tokens are valued at 34,500 FISH for each ETH. The private sale is well underway and the pre-ICO will begin on September 17th, 2018 through October 15th, 2018 after which the public ICO will last through October 31st 2018. Learn more at www.fishcoin.co or download the whitepaper at www.fiscoin.co/files/whitepaper.pdf.

[1] The U.S. and Indonesia: a Strategic Partnership of Promise and Opportunity https://id.usembassy.gov/ambassador-blake-u-s-indonesia-strategic-partnership-promise-opportunity-foreign-policy-community-indonesia-fpci/