Ant Financial, operator of Alipay partners with pharmaceutical giant Bayer Crop Science Monsanto’s owner, to develop a blockchain solution for the food and crop industry.
Letter of Intent
On Sept. 26, Ledger Insights reported that the two companies signed a letter of intent to develop transparency and traceability. As per the report, the joint initiative was announced at the Apsara Conference in Hangzhou, China.
Ant Financial too reported that it ‘intends to extend its partnership with Hyperledger to work on interoperability, standards and blockchain applications.’
‘According to the report’s author, the firm’s Blockchain as a Service (BaaS) offering supports both its own platform and Hyperledger’s Fabric.’
Blockchain to Improve Agricultural sector
Last year, Bayer acquired US-based agrochemical company Monsanto for $63 million.
Bayer, while being best known as a pharmaceutical giant, also acquired United States-based agrochemical company Monsanto for $63 million last year. An Ant Financial representative commented:
“The aim of the partnership is to] create comprehensive, blockchain-based solutions designed to bring greater transparency to improve food safety and the efficiency of agricultural supply chains.”
According to the report, agriculture “is now one of over 40 applications of Ant’s blockchain technology” and the firm also has initiatives in supply chain finance and rice traceability among others.
Source: Cointelegraph| Image: bitcoinexchangeguide.com
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