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Blockchain technology interest growing in agriculture

Blockchain technology is expected to become widely used in agriculture. Jayma Appleby, Illinois Soybean Association’s industry relations director, tells Brownfield Ag News blockchain is different from crypto-currency even though the two are tied together, “Blockchain is a distributed or shared ledger system. Which, to me, the easiest way to explain it is kind of an Excel spreadsheet on steroids.”

She says information in the system is permanent, “Every transaction between the different players are transparent. It’s permanent and so, therefore, it enables trust and transparency in the system.

Appleby says blockchain has many uses for farmers, “Getting paid faster. You know, maybe there’s improved insurance programs that they can participate in. Verified data, therefore, enables better financing options. Input costs will go down.”

And, she says, it’s already being used for shipping as well as the specialty crop industry, “They’re insuring mangoes are delivered to Wal Mart (for example) and verifying where they came from and how they were produced in order to certify that system.”

Blockchain can be set up for private use which could be especially appealing to farmers. Appleby says an expert told members at the Illinois Soybean Insights Summit that blockchain technology, right now, is the equivalent to the Internet in 1992, on the cusp of taking off. She says staying on top of ag technology for its member is a big goal of the Illinois Soybean Association.

AUDIO: Interview with Jayma Appleby ~