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.
Wyoming is aggressively pursuing blockchain tech companies. Businesses in the state already enjoy no corporate, personal or franchise taxes and low property and sales taxes, but state leaders knew it would take more to stand out.
With the recent passage of several bills paving the way for blockchain technology to flourish in Wyoming, many were concentrating on the digital currency aspect; namely, Bitcoin.
While still in the earliest stages of development, the senator inaugurated the project on May 15 by tagging 323 calves from his ranch with radio frequency ID (RFID) tags that will someday be inextricably linked to an immutable supply-chain ledger.