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Veteran Advisor
Posts: 1,514
Registered: ‎10-18-2016

Blockchain Could Revolutionize Agriculture

Most of us think that raising and selling a turkey is a pretty anonymous business.  Who can keep track of every turkey ever grown?  Blockchain can.  This is a data management system where each bird can be literally traced to the house it was raised in.  There is a recent Wall Street Journal article about turkey farmers in Texas who are working with a Cargill blockchain experiment.  "

Latest Use for a Bitcoin Technology: Tracing Turkeys From Farm to Table"

If this works, it is easy to envision a time when every animal and many grains are tracked by blockchain.  You'll be paid that way, too.

 

"In a pilot program for its Honeysuckle White brand, Minnesota-based Cargill has used blockchain to build a series of links that will help track individual turkeys from four Texas farms to Cargill’s processing lines and ultimately to grocery stores. Each turkey in the program will bear a tag with a code that consumers can punch into a website, which will take them to a website detailing the farm that raised it."

 

Blockchain is a complicated concept originally used in relationship to Bitcoin, a virtual currency.  See Wikipedia for a rather long and involved article.  

https://en.wikipedia.org/wiki/Blockchain

 

No more hiding behind a lack of traceability.  Great opportunities to take advantage of excellent management practices.  A sword that cuts both ways.

 

It might still be hard to trace an individual kernel of corn, but it is getting easier and easier to trace certain traits that could lead to more accurate information as to where the corn came from.  

 

If blockchain can provide records that are unalterable, your farm data could be traced to you and you could receive credit for it.  If Pioneer makes money by knowing what your corn yield was, shouldn't you get a royalty?  With blockchain you could assign a value to your yield, soil tests, agronomic practices and otherwise get money back for sharing your data.  

 

Singers and song writers can get a royalty almost instantly for every time their song is performed.  I'd be much more willing to let Monsanto or DuPont know information about my farm if I knew that sharing it was in my immediate financial interest.

 

This will be here before you know it in ways you may not even recognize at first, such as in the background of financial transactions and in recording land records.

 

Blockchain.