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ID Food taps local tech firm to build blockchain-based fish exchange
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D3 Labs co-CEO Tigran Adiwirya (center left) and ID Food director of development and business control Dirgayuza Setiawan (center right) pose at the signing of an agreement to establish Indonesia Fishery eXchange (IFX) in Bali on Oct. 3, 2023. (D3 Labs/-)
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tate-owned food holding company ID Food signed a partnership agreement with local blockchain firm D3 Labs on Oct. 3 to establish a blockchain-based fish exchange aimed at improving the efficiency and transparency of the country's fisheries markets.
The exchange was named Indonesia Fishery eXchange (IFX) and is to be managed by PT Perikanan Indonesia, a subsidiary of ID Food in the fisheries sector.
"In addition to that, the use of blockchain technology can enhance productivity, the well-being of our fishing partners and sustainability in the fisheries sector," ID Food's director of development and business control, Dirgayuza Setiawan, said in a statement.
According to Tigran Adiwirya, co-CEO of D3 Labs, the platform will focus on capture fisheries, which tend to fluctuate in supply and result in volatile prices. The segment differs with aquaculture products, such as shrimp, which are usually more stable in production.
"When fishermen go to the sea, there is no certainty that they will get a certain fish, in a certain amount," Tigran told The Jakarta Post on Saturday.
Read also: Indonesia's arduous path to boost shrimp production
There is also no clear picture of how abundant Indonesia’s fisheries are by region, causing the price to vary between different areas. Those problems, according to Tigran, could be solved with the blockchain-based solution.
