Working with HengFeng Bank, Wanxiang Blockchain’s Biological Asset Management Solution Boosts Rural Economy in China
On Jul. 23, based on the trusted data on Wanxiang Blockchain’s Biological Asset Financial Service Platform, Hengfeng Bank issued the first loan to calf farmers in Shandong Province, east of China.
Combining blockchain and IoT technologies, Wanxiang Blockchain’s Biological Asset Financial Service Platform builds a trusted data podium for the calf-rearing industry and help the industry to develop in large scale and in an intensive way.
By collecting the key data of the whole process of calf-rearing with IoT devices and then storing the data on blockchain, the platform can digitalize the whole process of calf-rearing, which makes it possible to trace and monitor the process in a real time. Besides, the data of the calf-rearing process recorded on blockchain can be turned into valuable asset, helping farmers to get more financial services.
Wanxiang Blockchain’s Biological Asset Financial Service Platform is supported by the PlatONE+BoAT IoT Data Service Platform developed Wanxiang Blockchain and aitos.io. By inserting blockchain modules into IoT devices, such as smart collars and weighing scales, this platform assigns a unique blockchain ID to every device and directly upload the data collected by these devices to blockchain. This helps to collect and store data in a trusted way.
During the process of calf-rearing, the IoT collars equipped with blockchain modules can record and monitor the key data of calves and send it to blockchain with cryptographic techniques. The data of the calf-rearing process stored on blockchain not only builds digital twins of the calves but also helps to evaluate the calves in different growth periods, which is hardly to be done in traditional ways. The data can also be securely shared to other players in the industry so that all stakeholders can timely monitor the growth and changes of the calves as data on blockchain is tamper-proof and traceable.
Based on the trusted data of the calves stored on blockchain, financial institutions can evaluate the calves more accurately and control risks by monitoring the calves in a real time. In this way, financial institutions will have a better understanding of the farmers and their calves, which will make it more possible for them to issue loans to farmers. It means that farmers will have easier access to money that is necessary for the calf-rearing and the sustainable development of their farms.
Moreover, based on the trusted data of the calves on the blockchain platform, insurers can provide better insurance services to the farmers.
By employing Wanxiang Blockchain’s Biological Asset Financial Service Platform, Hengfeng Bank issued loans to calf farmers in an efficient and secure way, which will contribute to the development of the calf-rearing industry and the rural economy.
Apart from the benefits to farmers, financial institutions and insurers, the trusted data on this platform can help government to know better about the situation of the farmers and their calves and then timely provide subsidies to those who are real in need.
More importantly, the data of the calves on this platform can keep the farmers informed of the status of their calves so that they can take actions in the first time when the calves are ill, which will help them to reduce economic loss.
As all stated above, Wanxiang Blockchain’s Biological Asset Financial Service Platform can help data of the whole process of calf-rearing, from the feeding of calves, slaughter to retail, to be recorded and shared securely in the beef industry. In this way, the cooperation between stakeholders in this industry will become more efficient, contributing to the sustainable development of the industry and the rural economy at large.