Alipay operator Ant Financial has partnered with pharmaceutical giant Bayer Crop Science, Monsanto’s owner, to develop a blockchain solution for the food and crop industry.
Letter of intent
Enterprise blockchain news outlet Ledger Insights reported on the partnership on Sept. 26, also noting that the two firms signed a letter of intent to develop their solution to increase traceability and transparency. Per the report, the initiative was announced at this week’s Apsara Conference in Hangzhou, China.
Ant Financial also reportedly informed the public 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.
Monsanto to use blockchain?
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 better illustrated the scope of the initiative:
“[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.
As Cointelegraph recently reported, Ant Financial is also launching a blockchain-enabled backend-as-a-service platform.