Both companies have signed a letter of intent with the purpose of developing a blockchain-based solution that allows for enhanced efficiency as well as higher income for farmers by ensuring the production of high quality products and assisting in the sector’s digitization process, according to a report from CoinDesk.
Despite few details having been provided regarding the scale of the deal or how the partnership will function, the agreement is expected to bring together the modern German farming innovations of Bayer Crop Science and the blockchain division of Hangzhou, China-based Ant Financial.
Geoff Jiang, vice president and general manager of Ant Financial’s Intelligent Technology Group, stated:
“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, which was founded in 2014, is 33% owned by Alibaba. The company also operates Alipay, one of the biggest mobile payments platforms in China.
Ant Financial has been involved in several blockchain developments and investments in recent years, raising US$14 billion last year alone to seek new innovations related to blockchain, artificial intelligence ( AI) and Internet of Things (IoT).
Bayer Crop Science, which acquired Monsanto in 2018, has also been actively working on the development of blockchain solutions. Earlier this year, it signed an agreement with BlockApps, a ConsenSys solution.
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