Share this article Share Bristol Farm will use blockchain technology to verify ownership of its token farms, the company said.
The blockchain is an online database of every farm in the UK, which allows anyone to verify whether a farm is really a farm.
The Bristol farm token, which is issued on the blockchain, will be used to verify that a particular farm is the one that the farmer actually owns.
Bristol Farm’s token will be sold on a marketplace, allowing people to buy and sell tokens.
It is the first farm token sale in the United Kingdom to be fully decentralized.
Bath, which also owns a farm token and has already bought its own farm, said it will also use blockchain to secure the tokens, which it said will not be subject to centralization or regulation.
“We have been in the business of building token farms for some time, but this is the most significant, and the first to be truly distributed,” the company’s head of strategy and innovation, Chris Johnson, told the BBC.
Bartleby, which owns three farms, also said it was working on using blockchain to audit the farms of its farmers.
“As the farmer, I want to make sure that I’m not making money off the farmers,” said Bartleby’s head, Ben Trew.
“The fact that they are using a decentralized, public ledger means that the blockchain will ensure that there are no hidden costs that can be hidden by anyone.”‘
We can trust it’Bristolfa said its tokens would be transferrable, meaning anyone could buy and trade them for the equivalent of the land’s market value, or use them to buy a different property in the future.
“This is the way we’ll be able to secure our farmers, so that we can have certainty that they’re in fact the rightful owners,” it said.
“In the future, we’ll have an alternative system for people to use to purchase the land that they want.”
The first token sale for Bristol Farm’s farms will take place on April 5.