NFTs, or “non-fungible tokens,” are probably best known for trendy digital collectibles like Bored Ape that are built on the Ethereum blockchain. These unique assets can be used to certify the provenance, authenticity, and ownership of a piece of digital media. They can also be used to represent real-world physical assets. A Wyoming company called “CattleProof” is using NFTs to mint digital identities for cows.
CattleProof Founder Rob Jennings says the NFTs are sort of like “a driver’s license for cows.” Jennings wanted to be able to create a complete record of a cows life that could follow it along the supply chain, from birth to sale barn to final destination at a restaurant or grocery store. Attributes about the cow such as age, genetics, ranch of origin, medical records, and more can be stored and easily accessed by the holder of the NFT. Additionally, certifications such as an inspection record can be appended to the NFT.
Since the NFT is on the blockchain, the data remains secure, immutable, and accessible, helping producers maintain accuracy and traceability in the certification process. Unlike traditional NFTs, users don’t need crypto wallets or other complicated tools. All of the technical stuff is handled in the background by CattleProof, including holding the NFTs.
Cattle producers can tgather and hold all the data on their phones with the CattleProof App. Jennings notes that traditionally, the process of gathering, storing, and certifying this data has been carried out manually through a series of middlemen, generating copious regulatory and transactional costs and other inefficiencies.
Jennings believes that transferring ownership via an NFT at auctions can not only help improve transparency but also expedite funds transfers and even eliminate some of the marketplace fees and commissions. The bigger vision, according to Jennings, is to create a friction-free way for buyers and sellers to connect.
CattleProof has already run a successful trial with Wilson Ranch and its distribution partner, Flying Diamond Beef last year. The company helped Wilson Ranch create NFTs for 20 steers that were sold through the website of Flying Diamond Beef. The company has plans to expand trials to more ranches in the coming months and is currently working to develop a USDA process that the agency can recognize as an approved process flow for a verified claim utilizing blockchain technology. Learn more at the CattleProof Verified website HERE.
