Moo

Ranchers are minting NFTs for cows as agriculture embraces blockchain tech

Wednesday, March 23, 2022 by Robinhood Snacks |

DecentraCow… Non-fungible tokens could be coming to a farm near you. A Wyoming cattleman recently started a four-person shop called CattleProof to help fellow ranchers create NFTs for their cows (the same guy also founded BeefChain, which aims to help ranchers sell blockchain-validated meat — call him a crypto bull). Here’s how CattleProof makes it easier to track and sell cattle:

  • Connected cows: Ranchers attach sensors to their cows and upload their bovines’ data (like: weight, birthplace, birthday). Then they mint NFTs with that info on the ethereum blockchain.
  • Digital records: Many ranchers still use paper records, which can be lost or altered. But CattleProof NFTs can’t be edited: when cows are sold, they’ll have “driver’s licenses” with accurate digital info about their origins and medical histories.

Bored Cow Graze Club… Big Agriculture has been embracing blockchain technology to make supply chains safer and more efficient. More than half of fruits and veggies are lost along the supply chain, leading to $100B+ in annual food waste. Blockchain systems could create more transparency from farm to store:

  • Weeding out bad veggies: After a deadly 2018 E. coli outbreak caused a nationwide romaine recall, Walmart started using IBM’s blockchain tech to track its fruits and veggies — and to avoid future recalls.
  • Fighting food fraud: Tomato farmers in Italy work with a blockchain biz to protect the value of their “Made in Italy” label from counterfeiters.
THE TAKEAWAY

NFTs are becoming more practical… Early NFT hype centered on digital art, but these tokens can be applied to more than ape collectibles. NFTs are already being used to verify ownership of physical assets, from a plot of real estate to, now, a herd of cows. The latest use case has companies adopting blockchain tech to fix broken supply chains and improve out-of-date systems.