Primary industry is the segment of the supply chain concerned with obtaining natural raw materials. The seafood segment of primary industry is heavily antiquated, with trade between those who catch and sell seafood (fishermen and cooperatives) and those who buy seafood (wholesalers, food distributors, and restaurants) still occurring via outmoded mechanisms such as live auction houses and closed forums such as existing relationships.
The heavily relationship driven nature of trade within such a competitive industry has catalysed an environment of distrust and high barriers to entry for new players. The broken nature of this industry given the international nature of seafood trade has been highlighted by the consequences of COVID-19.
Further to this, the seafood segment of primary industry is difficult to disrupt due to complexities that exist in a perishable good susceptible to public scrutiny due to present issues around sustainability and food safety.
Finally, in Australia the transport of goods nationally and abroad proves incredibly challenging due to the low population density and high surface area.
ShoreTrade was founded with a view to improve the seafood industry by creating a two-sided marketplace to connect buyers and sellers of seafood in wholesale volumes. Their intent was to replace old processes with technology that made the experience intuitive, seamless, and traceable for buyers and sellers.
ShoreTrade intended to create a trustless platform without an ulterior motive to break down the centuries old barriers that created distrust. It further intended to create full traceability of produce in transit to ensure sustainability from catch to plate.
This needed to be supported by technology that an outdated industry wanted to adopt.
ShoreTrade developed a technology solution with three strong value propositions on inception:
- A two-sided marketplace connecting buyers with sellers, with escrow-based payments facilitated and managed by the platform to create a trustless financial system.
- Integration with first, middle, and last mile logistics providers to enable full traceability of goods in transit from catch to destination. This is coupled by aligning with providers capable of storing goods in a fresh, frozen, live, or chilled state to keep the seafood fresh.
- Provisioning of debt financing services with anti-money laundering capabilities for buyers to align with industry expectations around payment terms, whilst providing fishermen and cooperatives with access to funds earlier, enabling early adoption of the platform.
Adaca was brought in to manage and develop the proof of concept in entirety.
After releasing to market, ShoreTrade was adopted by hundreds of buyers and sellers within Sydney before distributing across the east coast of Australia and abroad.
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