ID Food, an Indonesian food holding company is planning to use blockchain technology to improve output from their fisheries.
The company has partnered D3 Labs, a blockchain-based fintech startup to digitalise conventional fish trade. Blockchains can enhance traceability and transparency in value chains and adhere to fishing standards.
PT Perikanan Indonesia, a subsidiary of ID Food in the fisheries sector, will leverage D3 Labs’ application to establish a real-time fish exchange platform - Indonesia Fishery eXchange (IFX).
IFX will bring several benefits including transparent stock monitoring and auctions, digital payments to facilitate transactions, know your customer (KYC) and account management to prevent transactions from fictitious buyers, and integration with digital sales markets abroad.
ID Food is the corporate brand name of the parent state-owned food company PT Rajawali Nusantara Indonesia (Persero). It has business in the fields of agriculture, livestock, fisheries and as well as trade and logistics.
ID Food's director of development and business control, Dirgayuza Setiawan said this collaboration will have a positive impact on fishermen, producers, and consumers, and may open new opportunities for leveraging innovative technology to support sustainable growth.
“We recognise the importance of sustainability in the fisheries industry, particularly in Indonesia, which is one of the world’s largest fish producers,” Yuza said.
Yuza added that apart from enhancing efficiency and transparency, the initiative can boost productivity.
Indonesia's Secretary of the Directorate General of Wild-Catch Fisheries at the Ministry of Maritime Affairs and Fisheries, Trian Yunanda said the partnership is a positive step to build a robust fisheries ecosystem in future.
