Blockchain-Based Tokenized Taste: Revolutionizing Seafood Transactions with NFTs

Abstract

The global seafood industry has various issues, including fraud, opacity, and inefficient payment mechanisms throughout its supply chain. The paper suggests a novel way of transforming payment processes based on Blockchain Technology (BT) and Non-Fungible Tokens (NFTs). This transformative approach is designed to revolutionize the way payment transactions are handled within the seafood industry. Our proposed framework combines Blockchain Technology (BT) for traceability and authenticity of seafood products with smart contracts for automated, secure payments across the supply chain. When certain criteria are satisfied, such as successful delivery or adherence to quality standards, smart contracts activate, assuring efficiency and transparency. Furthermore, our proposed framework provides consumers with real-time access to seafood product details, promoting sustainability and ethical choices while deterring fraud and supporting responsible fishing practices. Finally, we analyzed the practicality and effectiveness of our framework using JMeter, gaining essential insights into its capabilities and scalability. With this knowledge, we can optimize the framework for real-world use.