News
The company that fried red lobster put shrimp on the blockchain
The seafood company that drove the Red Lobster restaurant chain into bankruptcy with its botched “Endless Shrimp” promotion has previously been praised for using blockchain technology to promote sustainable seafood production.
Bangkok-based Thai Union became Red Lobster’s largest investor in 2020 and subsequently decided to make the company’s popular “$20 Ultimate Endless Shrimp” offering a permanent part of its menu. The promotion, which has been running for a limited time for 20 years, was seen as the ideal way to move the huge quantities of shrimp that Thai Union was catching.
However, a 40% increase in customer traffic has seen the chain, already struggling due to rising labor costs, falling sales and the effects of the Covid-19 pandemic, giving away mountains of free shrimp that he could hardly afford.
AS reported by CNN Under the leadership of a CEO appointed by the Thai Union, Red Lobster has cut ties with two of its breaded shrimp suppliers, leaving the Bangkok-based seafood giant with an exclusive deal.
This reportedly led to higher costs and went against Red Lobster’s previous approach of choosing its suppliers based on expected demand.
The free shrimp fiasco reportedly cost Red Lobster somewhere in the region of $11 million.
To know more: How the CEO of Humanity Protocol drove his previous company into insolvency
Thai Union used blockchain to track shrimp
In 2020, Thai Union announced that it would put shrimp on the blockchain. The company, along with data analytics firm Sea Warden and supply chain tracking firm Wholechain, has begun experimenting with using satellite imaging for shrimp farming operations.
The idea was that satellite imagery collected by Sea Warden would generate data that Wholechain could store on the blockchain and essentially allow for the monitoring of shrimp farmed by Thai Union.from farm to table.’
This, in turn, would provide valuable insights into the sustainability, health and environmental impacts of Thai Union’s operations and ultimately inform its business and purchasing decisions.
Do you have advice? Send us an email or ProtonMail. For more informed news, follow us on X, Instagram, Blue skyAND Google Newsor sign up to ours Youtube channel.