Ant Financial has struck up cooperation with a leading pharmaceutical firm to upgrade food and crop production through technological innovation.

Reported by Token Post, The Alipay parent company has begun a partnership with Bayer Corp Science aimed at producing a solution for the agriculture industry using blockchain.

Blockchain-Powered System to Improve Food Production and Farmer Revenue

The reported cited an article by Ledger Insights, indicating that Ant Financial and Bayer Corp Science issued a letter of intent at the Apsara Conference in Hangzhou, China stating that they will work together to “develop a traceable agricultural product monitoring and service system.” 

The intention of the system is to improve farming efficiency, revenue for farmers, and the quality and safety of agricultural produce. 

Weidong Huang, Head of Bayer Crop Science’s Great China division, 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.”

Ant Financial Outlines Lofty Goals for Blockchain

Ant Financial has signaled it wishes to use blockchain technology to provide solutions to key industries. It has made known it is extending a partnership with Hyperledger to further develop interoperability, standards, and blockchain applications.

Geoff Jiang, VP and GM of Ant Financial’s Intelligent Technology Group, was quoted saying, “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.”

Source: tokenpost.com

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