Ant Financial the Financial services arm of the Alibaba group is working with Bayer Crop Science to develop an agriculture product monitoring system based on blockchain.
According to the announcement made by both the companies, a letter of intent has been signed. The companies are aiming to bring blockchain technology into agriculture monitoring systems, to increase efficiency. The project aims to help, farmers to increase their yield and ensure high quality the crops being produced.
The project will also help in digitalizing the agriculture sector which has so far remained away from technological advances. The agreement is a collaboration between the German agriculture giant’s crop science and research wing and Hangzhou China-based Ant Financials’ blockchain division. The size and the finances of the agreement were not shared by either of the companies.
In a statement the General Manager of Ant Financials’ Intelligent Technology Group George Jiang said about the deal:
We are excited to join hands with Bayer Crop Science to explore the application of blockchain technology in agriculture. Agriculture is the foundation of human civilization. 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,
Ant Financial is a big player in the Chinese market. The company was founded in 2014 as a subsidy of the Alibaba group which owns one-third of the company. The company is behind Alipay China’s prominent mobile phone payment service.
The company has recently become involved in many blockchain-related initiatives, by partnering up with many blockchain companies and by acquiring some startups. The company has a huge reserve of investment income thanks to the 14-billion-dollar investment it raised in 2018 to pursue new technological development in the newly emerging fields such as blockchain, Artificial Intelligence, and Internet of things.
Bayer is a German multinational pharmaceutical and life sciences company; the company has business ventures from pharmaceuticals to agriculture. The agriculture-based arm of the company is called the Bayer crop science division.
The company does research on ways to develop better crops and improving crop yield. The company is known all around the world for its prowess in genetic engineering of food and seeds. The head of Bayer crop science of China Weidong while talking about the partnership between both companies said:
By working side by side, we strive to assist the agriculture industry on its transformation in the new era, enhance the application of advanced agricultural technologies, increase agriculture production efficiency, improve farmer’s income, and protect food safety. We look forward to working with more partners and consumers to form a new value chain of agricultural products market.
Ant’s Stake in Blockchain:
The project is one of the 40 new projects that are being pursued by ant financial in the area of blockchain technology. The company has already invested in initiatives that are geared towards innovation in the supply chain, remittance, finance, and online tracking, The company has also integrated blockchain into their payment platform which has the capacity to support 1 billion accounts every day. Let’s see how successful ventures turn out in the future.