The last time we checked in with Rob Jennings of CattleProof, he was getting his cattle NFT platform off the ground. The idea was to create a permanent record of the life of a cow that followed it along the supply chain so that current and prospective owners all the way to a restaurant down the line that purchased beef would have a record of age, genetics, ranch of origin and more.
The idea is an interesting one, not only because it helps create better transparency into the history of a head of cattle, but also because it opens the door to more efficient way for prospective buyers and sellers to do business. Nowadays, if someone wants to buy a head of cattle, a sales transaction typically involves using a sale barn, an auction marketplace that facilitates the sale between buyer and seller. All well and good, except the resulting transactoin can take a week to ten days to process and often involves marketplace fees and commissions that can reach up to 10% of the total transaction.
Instead of using this slow and costly process, Jennings wants to make buying and selling cows as seamless (and low-fee) as buying or selling a stock – or NFT – through a digital marketplace. To that end, his company CattleProof has done an integration with Heartland, a payment processing company to launch CattlePay, an electronic payment system that allows cattle owners to buy and sell cattle via credit and debit cards and ACH payments.
“The idea is how do you create a more direct buyer to consumer payment system, minus all the fees and blockchain payments?” said Jennings in a interview with The Spoon. “And then, how do you inch your way towards getting real time settlement? Because that’s the other big thing: how do I get my money now?”
According to Jennings, the bigger vision of not only creating a lower-cost way to buy and sell cattle, but to create a friction-free way for buyers and sellers to connect. This means creating something akin to an Openseas for cattle, but without the complexity of having crypto wallets and all of the other blockchain related tech that often intimidates and turns off the uninitiated and non-crypto-pilled among us. To get there, CattleProof system will handle all of the web3 in the background, and offering the benefits of a blockchain proof of record and transaction system to the cattle buyers.
“Our goal is to in order to get cattle producers to participate, there’s got to be a return on investment,” Jennings told The Spoon in a recent interview. “And part of that return on investment is trying to find them ways to reduce these middleman fees.”
Jennings says he expects that the CattleProof system to launch in the first quarter of 2024.
This post originally appeared on TechToday.