In today’s digital age, it is all about the data. Extension specialists say it is valuable information both on and off the farm.
“Well, it’s extremely valuable data. It’s very valuable data, because a farmer can decide, I don’t need to put as much pesticide in this area and therefore helping to protect the groundwater and surface water, and so it has lots of benefits from that, but the greater value in that is the companies that provided this, whether it’s the seed, the fertilizer, the feed, whatever they provided, they’re gathering that data through the smart devices. They’re aggregating with a bunch of farms, and the good purpose is they’re trying to provide you with better products and services as a farmer. The part that’s not quite so fair is they’re creating all this data that they can then sell to third parties, and they’re making a lot of money off of it, and in some cases, it’s being sold to hedge funds that are then competing with farmers for the purchase of land,” said Bill Oemichen.
However, he says it is those off the farm that have him concerned, pointing to companies that sell your information.
“The part that’s not quite so fair is they’re creating all this data that they can then sell to third parties, and they’re making a lot of money off of it, and in some cases, it’s being sold to hedge funds that are then competing with farmers for the purchase of land.”
He says it is important to do your research when signing up for anything digital and to always read and understand the terms of service.
