Ant Financial to Develop Blockchain Based Agro-Monitoring Product With Bayer

September 30, 2019 | Digital Assets, News

Ant Financial, a unit of Chinese behemoth Alibaba Group, and Bayer Crop Sciences are collaborating on a blockchain-based agriculture platform.

Ant Financial and Bayer Crop have signed an LOI to develop a blockchain-powered platform to monitor agricultural production jointly.

The new system will boost efficiencies in agricultural production. It will also ensure that consumers receive high quality and safe food, at the same time enhancing farmers’ income.

Ant Financial and Bayer to develop both blockchain and value chain

The two giants will combine their respective strengths in the new venture.

Bayer’s agri-portfolio, digital farming planting and agronomic technology, and supply chain resources will be of crucial importance in the “value chain” aspect. On the other hand, Ant’s leading blockchain technology, advanced marketing techniques, and logistical and financial strengths will power the digital side of the partnership.

“Entering into this strategic agricultural cooperation with Ant Financial makes Bayer the first agricultural company to combine the construction of agricultural blockchain and value chain,” said Weidong Huang, Bayer Crop Science Country Head of Greater China at the signing ceremony.

Geoff Jiang, vice president, and general manager of Ant Financial’s Intelligent Technology Group noted: “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.”

How blockchain is transforming agriculture

On a general note, there are several applications of the blockchain in agriculture.

In procurement tracking, the participants in the agriculture supply chain have a single view of the process through the distributed ledger (DLT). So tracking shipments, payments and origin are easy, cheaper and more efficient through the blockchain.

In crop management, especially smart farming, IoT sensors in the ground could record important physical data into the blockchain. These include temperature of the soil, water level, fertilizer details and more. Smart contracts in the DLT can take further action.

The blockchain can also be used in tracking crops through weather conditions. Agricultural finance through the blockchain helps the smooth flow of funds and transparency of prices.

Given the potential, the tie-up between giants Ant Financial and Bayer  could prove to be a digital boon for agriculture.

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.

Alt Insights

January 29, 2020

Venture Capital: The Kobe in “Bryant Stibel & Co”

Venture Capital: The Kobe in “Bryant Stibel & Co”

Latest Alternative Investment News

Alternative Investments: Activists Will Get Busy Soon, Says Tim Melvin

As companies become more undervalued as the economy slows because of shutdown orders across the United States, I expect that the pace of activist activity to increase. We should see…
Private Equity: Active Triage Happening at KKR and Other Funds
April 2, 2020     News, Private Equity

KKR & Co (NYSE: KKR) has shelved a plan to sell Singapore-based Goodpack, a Singapore based shipping containers, and logistics services.  They had bids for the company that was said…
FinTech: Kyash Closes $45M Series C Funding
April 2, 2020     FinTech, News

Kyash, a Japanese fintech startup aspiring to be a leading challenger bank, gained $45 million in a Series C funding. The round was co-led by Greenspring Associates and Goodwater Capital,…
Liquid Alternatives: Investors Shovelled $677B Into Money Market Funds In Scramble to Safety
April 2, 2020     Liquid Alternatives, News

Investors set up a record-breaking first quarter this year for inflows into U.S. money market funds. These funds gained from the massive risk-off sentiment that prevailed as investors realized the…

Scroll to Top