The disruptive and dynamic potential of blockchain is already well heralded. However, its reach is only now starting to permeate through significant enterprises that are helping boost the capabilities of the blockchain, writes Darryn Pollock at Forbes. A recent partnership between Bayer, and its Crop Science Division, and the payments affiliate of Alibaba, Ant Financial, has given rise to a substantial technological upgrade to agriculture.
The two companies have signed a letter of intent to utilize blockchain technology to increase efficiency, improve the income of farmers, ensure the production of high-quality food, and aid in the digitization of agriculture. Traditionally, agriculture has been a rather low tech science, but that is rapidly changing and for a good reason. The need for higher yields of crops, on more moderate amounts of natural resources, has seen companies like Bayer look towards emerging technologies to address the global food system.