In 2018, IBM and Maersk launched TradeLens: a blockchain platform meant to digitise global shipping, replacing the paper trail that follows a container from a Vietnamese factory to a Rotterdam warehouse with a single, shared, tamper-proof ledger. It had the backing of two of the largest logistics operators on earth. By 2023, it was dead.

Farmers are accustomed to operating under pressure from both ends of their business. Upstream, four companies, Bayer, Corteva, Syngenta, and BASF, collectively control more than half of global commercial seed sales. Downstream, in Australia, Coles and Woolworths alone account for around 67% of grocery retail volume. The farmer sits in the middle, bearing the operational and climatic risks while having almost zero bargaining power at either end of the transaction. The Treadmill Nobody Chose covered this squeeze in detail. This piece is about the third pressure point layered on top of it.

There are two dominant ways to think about who should govern artificial intelligence.

The market frame says: the data, the models, and the compute are private goods, owned by the organisations that assembled them, exchanged through contract and property rights. Governance follows ownership. OpenAI owns GPT-4. Google owns Gemini. These are products. Markets will sort it out.

The state frame says: AI is too consequential to leave to markets, so regulators must impose rules from above. The EU’s AI Act is the most developed version of this: binding requirements, conformity assessments, registration databases, penalties for violations.