Bayer and Alibaba through their subsidiary and affiliate will be working together with the main aim of developing a blockchain-based system for agricultural product monitoring.
The new platform will utilize blockchain technology to increase efficiency, ensure the production of high-quality food, improve the income of farmers and aid the digitization of agriculture.
This collaboration will see the blockchain division of Hangzhou, an affiliate of Ant Financial (Alibaba) and digital-farming technologies Monsanto of Bayer Crop Science working together to develop the platform.
According to Geoff Jiang, vice president, and general manager of Ant Financial’s Intelligent Technology Group, this collaboration will improve the transparency and responsiveness of its supply chain.
Ant Financial was founded in 2014 which is 33% currently owned by Alibaba, Monsanto, on the other hand, was acquired by Bayer Crop Science in 2018 which has been working on blockchain developments.
