IBM wants to help improve farm yields
IBM (IBM) and Yara International (YARIY) are developing a digital farming platform they plan to launch later this year. The platform that the companies are building will be used to provide farmers with actionable recommendations that can help improve farm yields.
With climate change distorting rainfall patterns around the world, farmers are turning to so-called precision farming techniques, including real-time farming information sharing, to boost production.
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The uptake of precision farming solutions is on the rise as farmers grapple with the effects of climate change. According to estimates from Global Market Insights, the global market for precision farming solutions will exceed $12 billion by 2025, up from $4.0 billion in 2018.
Boosting food production and ensuring its safety
In addition to getting a handle on the multibillion-dollar digital farming technology market, IBM also hopes the digital farming platform project it’s undertaking with Yara will help it recruit customers for its blockchain-based food-tracking technology known as IBM Food Trust. Retailers and food manufacturers such as Walmart (WMT), Kroger (KR), and Unilever (UN) have adopted IBM’s blockchain food-tracking technology to bring more transparency to their supply chains so as to improve food safety. With IBM’s blockchain technology, retailers can easily trace the origin of the food items on their shelves, thereby making product recall easier and faster if needed.