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The US cattle industry is going blockchain. Decentralized cow verification service, CattleProof’s “Verified,” has been approved, giving it the historic title as the United States Department of Agriculture’s very first blockchain-based Process Verified Program (PVP). CattleProof is a Wyoming company that uses the distributed ledger technology to store individual cow’s data.
Blockchain For Livestock Verification
The electronic identification tags attached to each animal provide a combination of data, noting the animal’s condition, location, and many other attributes, which are then stored immutably on a blockchain. This change dramatically makes tracking easier with farm-to-fork traceability also enabling farmers to observe the health of the animals in real time for better care and monitoring of their cattle.
One Big Step Towards Regulation
The PVP service of the USDA could enable firms like CattleProof to set as a standard in regulatory requirements while launching innovation for cattle-related problems. It would allow companies like CattleProof to put together a set of voluntary standards that would be reviewed by the government, thus being the first decentralized network for cattle monitoring.
As of today, the market cap of cryptocurrencies stood at $2.14 trillion. Chart: TradingView.com
It fits into a broader pattern in the agriculture industry where industry participants increasingly look at technology as a way of adjusting to regulatory requirements while improving efficiency and transparency in their operations.
CattleProof: A Unique Solution
What makes CattleProof unique is that it is a USDA-approved PVP using blockchain. Services include being certified with “Born in the USA” as well as digital certificates with backlinks directly to the animal data. The company is also integrated with Heartland Payments, which presents the opportunity for direct transactions of verified cattle.
This is established by giving buyers the opportunity to verify their livestock’s authenticity and ultimately improve consumer confidence in meat products transactions. Furthermore, the system allows farmers to offer something unique about their produce, in a competitive market-place the traceability and ethical sourcing to consumers can give them the edge among competitors.
The approval also is proof that farm adoption of blockchain technology is gaining momentum. The recent proposal that was made by the USDA- to amend the rules on organic products to establish traceable supply lines further adds substance to its growth.
As blockchain continues to gain traction in agriculture, it is poised to transform the farming industry in ways that incorporate enhanced security, reduced fraud, and improved supply chain efficiency. This success may be a precursor to opening various programs up to similar initiatives in other sectors, reinforcing the role that technology will play within modern farming practices.
Featured image from The Whitney Land Company, chart from TradingView
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