LONDON, Aug. 18, 2017 /PRNewswire-iReach/ -- Earth Twine, Incorporated formally announces its partnership with Stratis Group LTD. VISIONS ALIGNED: This partnership creates the first dedicated blockchain system for origin data and tracking for the international seafood industry – the Earth Twine Platform. The companies have entered into an agreement that will advance an exceptional level of trust, reliability, and speed throughout existing industrial processes. This is made possible by Stratis blockchain technology. Earth Twine and Stratis are committed to developing an innovative approach to trading and compliance based on their exceptional reach and experience. As seafood industry professionals, the Earth Twine team has created a solution born of the seafood industry itself. In collaboration with The Association of International Seafood Professionals (AISP), Earth Twine has established the means for inclusive representation of all sectors of seafood professionals.
Earth Twine's comprehensive understanding of the unique seafood supply chain, and the Code of Federal Regulations (CFR's) has led to the development of its solution that provides a product for all stakeholders of the supply chain, small and large. The Earth Twine platform combines collaborative technologies (Earth Twine, SPARKL, Stratis Platform), and will provide the means for tracking mandatory data for IUU compliance. SPARKL enables our multiple tracking applications and systems to work collaboratively within legacy environments. This fuels the platform to orchestrate multiple structures and will reduce complexities in the seafood supply chain.
Stratis will establish distinct, dedicated blockchains, tokens and applications to integrate Earth Twine's global seafood tracking solution onto the blockchain. This rapid innovation and development will ransform the seafood industry by introducing unprecedented levels of trust, collaboration, and settlement, which will help make it more productive and sustainable. "The global fish & seafood market had total revenues of $158.1bn in 2015, representing a compound annual growth rate (CAGR) of 3.8% between 2011 and 2015. Depending on assumptions, projected global demand for seafood will be between 138 and 159 million Metric Tons (MT) by 2025. Aquaculture production would then need to be between 74 and 100 million MT by 2025, an increase of 22 or 42 million MT from 2008 levels." - Wise Guy Reports
Starting January 2018, the Seafood Import Monitoring Program requires specific data related to seafood imports to be provided electronically to U.S. Customs and Border Protection. For many years, illegal, unreported and unregulated (IUU) fishing and/or misrepresented seafood have affected global seafood markets.
Species affected by this program include; Atlantic Cod, Blue Crab (Atlantic), Dolphinfish (Mahi Mahi), Grouper, King Crab (Red), Pacific Cod, Red Snapper, Sea Cucumber, Shark, Shrimp, Swordfish, Tuna (Albacore, Bigeye, Skipjack, Yellowfin, and Bluefin)
The Earth Twine-Stratis Platform will significantly help solve the NOAA Compliance Standards (who, what, when, where) that will confirm and validate the information as proof positive. Another fundamental partnership for Earth Twine is Greenberg Traurig Law, the largest law firm in the USA.
The Earth Twine team benefits from Greenberg Traurig Law's international presence, industry specific knowledge of blockchain innovation, and its evolution and emerging regulations around cryptocurrencies by the US Securities and Exchange Commission (SEC) to help steer future rowdsourcing efforts and international transactions involving digital currencies.