Managing for Profit

Agribusiness faces change through blockchain technology

A report from CoBank says blockchain technology might create benefits for agribusiness with lower transaction costs, increased traceability, and potentially greater value creation across the supply chain.  CoBank’s Tanner Ehmke tells Brownfield blockchain technology allows people to record transactions and maintain a data log on a network of computers.

Ehmke says blockchain technology is becoming more useful.  He says Walmart wants to use it to assist in food traceability.  And blockchain technology can benefit individual farmers.  According to Ehmke, if a farmer has his or her own grain bins in which grain, or another crop is stored, he or she might be able to do business using blockchain.

Early adopters of the technology, said Ehmke, stand to benefit the most by gaining access to a greater number of global markets.

AUDIO: Tanner Ehmke (3 min. MP3)