ConsenSys’ BlockApps Forms a Partnership with Bayer Crop Science, Formerly Known as Monsanto
BlockApps is a spin-out of ConsenSys, and they have been creating multiple pilot projects to expand their reach and their services. In a move by the ConsenSys spin-out, the company is now partnered with Bayer Crop Science. However, the public probably knows the brand better by its former name – Monsanto.
The agricultural giant is working on multiple BlockApps pilot projects, though the firm did not disclose how many are ongoing. These projects were originally proof-of-concept implementations last year. The global digital strategy manager, Michael Pareles, spoke with CoinDesk, saying that the plan is for Bayer to partner with Block Apps in an effort to improve the operations and industry use of blockchain technology. The CEO for BlockApps said that the goal is to move their clients from production mode to “live” services this year.
BlockApps originally was launched from ConsenSys in 2016, bringing $3 million in funding from internal and external investors, including Fenbushi Capital, which used to include Ethereum creator Vitalik Buterin. BlockApps CEO Kieren James-Lubin’s father, Joseph Lubin of ConsenSys, is still involved with the platform.
According to the CEO, the startup only has 20 people involved at the moment, but it allegedly brought in “more than seven figures” last year, and they believe that this year will double that amount. An anonymous source provided CoinDesk with information regarding BlockApps financials, saying that the startup brought in nearly $2 million last year as a result of licensing deals and consulting contracts.
One of the BlockApps clients that have already initiated the transition past the proof-of-concept stage has been Blockskye, which deals with the management of inventory and booking arrangements for travel. CEO Brook Armstrong commented that this software has been integrated as “the ultimate backend” for processing orders within the participating companies for their startup. According to the CEO, the use of Blockskye helps to reduce distribution costs by $43 per ticket.
Unlike most of the companies from ConsenSys, BlockApps does not use tokens for the most part. However, they are open to providing software services outside of blockchain technologies. James-Lubin commented that blockchain should not be considered “the destination,” and it is instead a “tool” for consumers.
If BlockApps manages to create the successful model for other ConsenSys companies, it could become the omen of what the “mesh” of ConsenSys means to the launch of projects from the parent incubator. Lubin holds substantial equity in BlockApp, which is about the same as what he does with other startups through ConsenSys. However, this involvement has caused some controversy amongst the community, which both the platform and CEO have declined to comment.
A spokesperson from ConsenSys said that BlockApps is one of the nine startups that has come from their venture studio, like the AirSwap decentralized exchange. The rep added that there are at least a dozen companies that are expected to come out of the studio this year.