Blockchain Technology Coming to Agriculture, Livestock Uses Promising

(DENVER, CO) While you may have heard of bitcoin, an alternative to a traditional currency like the U.S. dollar, you may not know the technology behind it. Blockchain was created in 2008 to record transactions of cryptocurrencies like bitcoin, yet interest in blockchain and enthusiasm about its potential benefits has led to a flood of investment and pilot programs from companies around the world as they race to harness its power to aid tracking and transparency. Blockchain innovations in agriculture are numerous but have been slow to gain industry-wide acceptance, particularly in the realm of global agricultural commodity trading. According to a new report from CoBank’s Knowledge Exchange Division, blockchain application to commodity agricultural trade brings a unique set of challenges. Obstacles include grain blending along the supply route and a lack of digital documentation within sections of the supply chain. However, digital solutions are evolving quickly, creating an environment where blockchain technologies may become more viable in ag commodity trading in the future. One area where blockchain may prove beneficial and see rapid deployment could be in tracking and identifying livestock from field to fork. Texas Cattle Feeders Association (TCFA) is launching a traceability pilot program in an effort to explore potential opportunities for producers.