Ant Financial and Bayer Crop Science Partner up to Develop Blockchain-Based Agriculture System

At this time, the general theory regarding blockchain technology is that it has the potential to positively change any and all of the world’s industries. As such, recent reports point towards the appearance of a new blockchain-based project, focused on creating a product monitoring system for the agricultural market.

With this in mind, Ant Financial (the payments subsidy of Alibaba) alongside Bayer Crop Science, have agreed to collaborate on the creation a blockchain-based system, which would help digitize the agriculture market. In other words, the blockchain implementation will reportedly increase the efficiency of the market, while also monitoring the quality of the food and increasing farmers’ income.

So far, no further information on how the two companies will collaborate is available. We do know that Bayer Crop Science specializes in developing digital farming technology, whereas Ant Financial is well-known for its blockchain development skills. It is important to note that 33% of Ant Financial is owed by Alibaba, thus showcasing the Chinese giant’s interest in developing blockchain-based products and services. In fact, reports indicate that Alibaba has raised a total of $14 billion back in 2018, for the purpose of exploring emerging technologies like the Internet-of-Things, artificial intelligence and blockchain technology. This business venture may very well be funded with the capital raised in 2018.

As part of the press statement announcing the partnership, Geoff Jiang, the VP of the Intelligent Technology Group of Ant Financial, has stated: “Together with Bayer, our exploration of blockchain in agriculture will improve the transparency and responsiveness of its supply chain, and bring more value to consumers, farmers and the society.” 

In theory, blockchain implementation among the agricultural market, can lead to reduced costs, better stock management, higher revenue for farmers and processing firms, improved quality of food, and detail-based tracking, thus allowing customers to learn more about the origin of their products.

Apart from working on the blockchain agriculture project, Ant Financial is known for its involvement in a series of other blockchain-related ventures. Some relevant examples include a blockchain-based system meant to improve the transparency of charity platforms, or a system meant to enhance privacy on the blockchain.

Based on these aspects, we’re excited to see where this project will lead and its implication for the worldwide agricultural industry.