Bayer Crop Science and Ant Financial, Alibaba's payment subsidiary, have teamed up to develop a blockchain-based system to track agricultural products.
Both companies have signed a letter of intent with the aim of developing a blockchain-based solution that will increase efficiency as well as farmers' incomes, ensure the production of high quality products and assist in the sector's digitization process.
Geoff Jiang, vice president and general manager of Ant Financial’s Intelligent Technology Group, said:
"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.
Bayer Crop Science, which acquired Monsanto in 2018, has been actively working on the development of blockchain solutions. For example, earlier this year it signed an agreement with BlockApps, a ConsenSys solution.
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