Guillermo Villagra, President of the OpenAgro consultancy and Openbit partner in Argentina, starts his project “BitCow USA”, a digital token to generate investments in the US livestock market, This was highlighted in the economic section of the newspaper The nation from Argentina.
The investment group Penbirt, in which investors in the agricultural industry are growing together, is a company for the establishment of cryptocurrencies, in which cattle are brought together and “Token”, Digital currencies, Original BitCow: a digital token backed by a real asset, in this case: cows looking to expand to countries in the region and the US; “To achieve the tokenization of one million cattle heads among the different nations involved in the project”, according to the publication.
The BitCow platform, created in late 2019 as a friendlier and more technological investment alternative in the traditional livestock sector, It is the first virtual currency in this area and has the special feature that investors invest their money in real cows.
Compared to Bitcoin, this currency is backed by physical assets and regulated in a private trust. Investing over the internet is made and each BitCow represents a pregnant cow continuing her reproductive cycle, and the males are sold to cover production costs.
This means, A cow represents a sign, with a calf it becomes 1.32 signs. This is a way to ensure solvency and support in the event of contingencies. The person who bought this token has the original and what that first cow made.
On the day on which a holder wants to part with the virtual currency, he can cancel it at the market price or simply claim his detour.
Unlike traditional trusts where you have to wait to get the money, BitCow lets you get it right away. According to Villagra, innovation has tied them to a physical asset.
The value of the digital token is approximately 120,000 pesos per unit. “Although you can make a minimum investment of 12,000 pesos and buy 0.12% tokens.”
That is, by purchasing an amount of this virtual currency, you acquire a pregnant cow that automatically goes to a private foundation.
The investor can track the status of their herds (cows) as well as their health, the vaccines used and everything related to the management of this asset. All of this can be possible thanks to the blockchain and its features that make it an attractive technology for recording, storing or tracking valuables and that distinguish it from traditional databases.
Digitization of cattle
Although this is an investment tool in the livestock market, it has not been designed for the exclusive use of this sector, but rather expanded for people who want to join the sector and participate in an attractive business with good prospects without being in the field and that they don’t have the time, investment, or knowledge in the industry but that they are ready to become a digital farmer.
The entire process is digital, both the purchase of the tokens and the monitoring of the farm are carried out virtually via a web platform. A user is created on this platform who has two wallets, one with weight and one with BitCow.
Guillermo Villagra states that: “It is a condition to have a bank account to and from which the money is sent when buying or selling BitCows. We are currently working on the integration to be able to make payments with credit card and cryptocurrency as a means of payment. All of these We carry out developments with the Baufest company. “
So far 1,500 BitCows have been started, supported by 2,250 animals.
According to the publication, Villagra claims that while the company is consolidated, the company is consolidated “Completion of the technological and legal development to put Bitcow Uruguay, Bitcow Paraguay and Bitcow Brasil into operation. We also have an agreement to develop Bitcow USA” (…) “.
He also noted that in the countries where the digital platform will be operational, they will be able to offer Uruguayan, Brazilian or Paraguayan BitCows to any part of the world linked to top of the line products from each of the countries. Implementation of blockchain technology as a technological tool to record every movement and for traceability and security of the production chain, but above all on the purchases made and the ownership of assets.
“In the medium term, our goal is to include 0.5% of the herds in each of the countries in which we are present in this system. This means the tokenization and digitization of more than a million heads in South America, “he explained.
BitCow: what is it and how does it work?
BitCow has grown significantly since its launch in late 2019. Although the BitCow price is nominally expressed in pesos, it is expressed in cows rather than currencies.
It’s a digital currency that According to its creators, it is advancing to the development of the international market in countries like Paraguay, Uruguay, Brazil and the United States. and in the future the possibility is expected that BitCow will be accepted as a payment method in some areas.
Potential of blockchain technology in livestock
Blockchain technology is in the process of expanding, covering more industries each time, and its application in the cattle industry is no longer an exception.
This technology can lead to a high registration of animals in farm animals. From weight evolution, food conversion, diseases, vaccines, diet changes, marketing, slaughtering, logistics, supermarkets and restaurants, to the consumer who could see and select the origin of the meat at the time of purchase.
Blockchain technology enables the creation of a chained and presumably inviolable seating system (since the blocks are connected and all participants have a copy of all blocks), with the possibility of decentralized control of the information, appears on the horizon as a feasible alternative in the livestock sector.
Before this panorama The developers of the Openbit platform in Argentina have found the creation of a unique digital currency in the livestock sector useful among the features of blockchain technology. as an investment vehicle in the cattle market.
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