The first blockchain was developed in 2008 by an anonymous coder to launch the global digital currency Bitcoin, a virtual monetary system that bypassed banks (and pardoned the lives of many squirrels). The vernacular is “the blockchain,” however, anyone can apply the technology, and a variety of companies today peddle their versions of blockchain platforms. Theoretically, kids trading marbles could enter transactions into a designated blockchain. Real-world examples of potential uses, though, include digital voting, land and title transfers, tax regulation, medical recordkeeping, or more controversial notions of weapons tracking or workforce regulation.
A panel of local and international leaders in blockchain technology discussed how the emerging industry may benefit Wyoming on Thursday.
“Blockchain” seems to be the next step in the constantly changing landscape of commerce, retail and technology, and cattle producers will soon have the opportunity to take advantage of this tool.
With blockchain, data like what the cattle eats, what type of vaccines it has received, and if it was ever sick will be available for anyone to see. So Wyoming ranchers who are turning to this technology believe they can brand their beef as superior.
Driskill said the idea is to enhance the agriculture industry in Wyoming, which could add millions of dollars to the state.
According to ranch owner, Ogden Driskill, blockchain technology can help to capture and preserve value along every step of the supply chain.
The company, started five months ago, has already tagged roughly 1,500 cattle on five ranches throughout the state using radio frequency ID tags that are now linked to a digital supply-chain ledger.
The goal of the trial partnership between Wyoming Certified Beef, LLC and German-based traceability company TE-FOOD is to showcase the premium living conditions of the cattle (grass-fed on an open range) thereby producing much higher quality cuts of beef to lucrative foreign markets.