ZUG, SWITZERLAND – 10 October 2022 – eLivestock Global (ELG) and nChain today announced a partnership to launch a cattle traceability platform with the goal of ensuring livestock are healthier and farmers can secure their livelihood.
“With eLivestock’s rapid expansion plans underway within the region; nChain’s robust, scalable, and innovative blockchain solutions makes them the perfect partner to power our award-winning solution. We are pleased to welcome nChain as a technology partner to our mission of enabling the smallholder livestock farmer with global scale and access, while leveling the playing field via digital and financial inclusion. As our platform grows into a more national and regional presence, nChain’s solutions will help ensure the integrity of livestock data. As we continue to add functionality and offerings to our platform, we are confident in nChain’s ability to grow and scale with us,” eLivestock CEO Chris Light commented.
Secure blockchain solution
The solution that the AgriTech start-up has created gives a unique digital ‘passport’ for each animal, confidentially embedding data about ownership, vaccinations, and movements. Information is scanned and collected via a RFID tag on the cattle’s ear and links to a phone-based app. nChain’s innovative platform—Kensei—notarises this to a public ledger, giving transparency to all stakeholders in the process from banks to beef buyers, while also allowing farmers to receive payment automatically. The system reduces reliance on third parties, and associated costs, as well as eliminating the risk of error or duplication.
Empowering African farmers
Currently there is no unified approach to tackling disease or climate change-related issues that affect cattle because of the lack of a global identification system. Moreover, many farmers in Africa are unbanked and have no proof of ownership for livestock, meaning they can’t collateralise their cattle to secure a loan or get paid for the true value of their animals. Current attempts to resolve this are unsustainable either by making farmers overly reliant on NGO support to maintain the system, or by storing data and processing payments through private companies that take commission.
“This is a critical use case for us to demonstrate that blockchain is more than a payments solution and has the potential to solve real world problems. Our industry-leading technology delivers optimal performance, both in terms of scalability and energy efficiency, to reduce overheads and allow farmers to receive the maximum compensation possible. We’re excited to work with clients like eLivestock who realise the unique potential of blockchain,” nChain’s Chief Revenue Officer Leandro Nunes said.
A win-win collaboration
The mutual collaboration, which covers the notarisation of all data collected or updated via the RFID tag on the blockchain, leverages both partners’ expertise in technology and in solving real world problems. nChain was recently voted one of the world’s most innovative companies in 2022 by LexisNexis, while eLivestock are the proud recipients of several awards including the SID-US’ 2022 Innovation Award.
nChain is a leading global blockchain technology company and was voted one of the Top 100 most innovative firms in the world in 2022. We are the DNA of Blockchain. We offer software solutions, consulting services and IP licensing for clients in various industries looking to benefit from the security, transparency and scalability of the blockchain. Founded in 2015, nChain employs more than 240 staff, holds over 500 patents and is the developer of Bitcoin SV Node software, Teranode, LiteClient and more.
Director of Marketing & Communications