Ant Financial and Bayer to Jointly Establish Blockchain for Agriculture

Bayer Crop Science has agreed to work with Ant Financial, the payments affiliate of Alibaba, to establish a blockchain-centered method for agricultural products checking.

The providers signed a letter of intent to use blockchain engineering to enhance efficiency, increase the cash flow of farmers, make certain the production of high-high-quality food and help in the digitization of agriculture, according to a Sept. 25 announcement.

The arrangement would convey collectively the portfolio and electronic-farming technologies of Monheim am Rhein, Germany-centered Bayer Crop Science, and the blockchain division of Hangzhou, China-centered Ant Financial.

No facts was supplied about the size of the offer or the structure of the relationship.

“Together with Bayer, our exploration of blockchain in agriculture will increase the transparency and responsiveness of its supply chain, and convey extra price to consumers, farmers and the culture,” Geoff Jiang, vice president and typical supervisor of Ant Financial’s Intelligent Engineering Team, stated in the statement.

Ant Financial, launched in 2014, is 33 per cent owned by Alibaba. Its brand names incorporate Alipay, a person of the two dominant cell payment expert services in China.

The corporation has made a number of blockchain-linked investments and announcements in latest decades. It raised $14 billion in 2018 to pursue new technological developments, together with these linked blockchain, AI and IoT.

Early this month, Ant Financial stated that it was developing a blockchain method for charity platforms, increasing the transparency of the system and stopping charities from inflating their fund-boosting totals.

In Might, the corporation invested in a $10 million Series A round for QEDIT, a developer of privateness alternatives for the blockchain. In March, two new Shanghai-centered providers had been released, Ant Blockchain Engineering and Ant Doublechain Engineering, both equally owned by Ant Financial .

Ant Financial is also working to use the blockchain for remittances, very last yr introducing a method for the transfer of cash involving the Philippines and Hong Kong.

Bayer Crop Science, which acquired Monsanto in 2018, has been actively working on the blockchain developments. Before this yr, it signed a offer with BlockApps, a ConsenSys spinout.

Discipline picture by using Shutterstock