ZUG, Switzerland, Oct. 10, 2022 (GLOBE NEWSWIRE) -- 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 make 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 AgriTech startup's solution gives each animal a unique digital 'passport,' confidentially embedding data about ownership, vaccinations, and movements. Information is scanned and collected via an RFID tag on the cattle's ear and links to a phone-based app. nChain's innovative platform 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 eliminates 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 is the proud recipient of several awards, including the SID-US' 2022 Innovation Award.
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About eLivestock
Headquartered in the biotech corridor of the Washington DC area, E-Livestock Global LLC aims to improve the livelihood of rural and commercial farmers by enabling traceability of their cattle. Focusing on cutting-edge, affordable technologies, ELG delivers a world class livestock traceability solution that can be applied globally. Founded by Chris Light and Max Makuvise, who respectively bring to the table expertise in both tech and cattle, empowering the small holder cattle farmer is the primary focus. Piloted in Zimbabwe, the product is swiftly making its way into other African nations.
About nChain
nChain is a global blockchain technology company and recently voted one of the Top 100 most innovative firms in the world. We offer software, consulting services and IP licensing for clients in various industries looking to benefit from the security and scalability of the blockchain. Our mission is to secure the internet of value. Founded in 2015, nChain employs more than 250 staff, holds over 400 patents and are the developers of the Bitcoin SV Node software, Teranode, LiteClient and more.
Learn more at: nchain.com
Communications Contacts:
E-Livestock Global: Chris Light, CEO, chrisl@elivestockglobal.com
nChain: Valentine Labarthe, Head of Commercial & Strategy, v.labarte@nchain.com
Contact Information:
Chris Light
CEO
chrisl@elivestockglobal.com
Ed Ball
Communications Manager
e.ball@nchain.com
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