Agriculture Needs an Escrow Agent When It Comes to Data
Digital transformation in agriculture continues to accelerate, as evidenced by precision ag businesses raising $380 million in funding for 2021’s third quarter, writes Proagrica’s Matt Waits at PrecisionAg. It is clear that industry leaders want to be able to get on with their jobs and they are looking to tech to streamline processes.
But the data opportunities in automation are frustratingly limited as (big) pockets of the supply chain still work in siloes. It is simply not as collaborative as it should be, which is hindering insights and limiting value across the industry.
And without a doubt, one of the biggest barriers to sharing this data is still trust.
It is an endemic problem in our industry as data is rightfully considered a stakeholder’s IP. This means the opportunities for data-led collaboration are limited by concerns that along with data sharing will come unintended consequences that give competitors an advantage.
In concept, the solution is a no-brainer: agriculture needs an independent third-party that stewards data across the supply chain, not in favor of any party or industry sector. And it should be one that connects every stakeholder — farmer to grocer — to make acute forecasts, manage disruption and avoid human error across the food system.
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