GrainChain, an agricultural start-up powered by Medici Ventures, is planning to integrate with the coffee industry of Honduras by delivering its blockchain platform to a coalition of stakeholders.
Medici Ventures is the blockchain venture arm of Overstock, the online retail giant. As per a press release published on September 24th, GrainChain has signed many agreements with the intent to bring the whole coffee supply chain of Honduras on its blockchain network platform.
One of the world’s biggest coffee producers
Through the initiative, GrainChain aims at facilitating various processes in the coffee supply chain of Honduras, where coffee has traditionally been a major export product.
GrainChain particularly promised to work towards three primary goals; improving data accuracy, nurturing the trust between banks and farmers, and increasing the transparency.
Farming through a mobile app
Additionally, GrainChain will give local customers a digital wallet to allow unbanked and remote farmers to apply for loans. The press release noted that the banks will be enabled to use the GrainChain loans for local farmers, which the insurance firms will leverage it for automating the records. Also, these farmers will have access to their products through a mobile application, allowing them to monitor their inventory in real-time.
GrainChain was established in 2003. Its financial settlement system allows sellers, buyers, and producers to deploy smart contracts in the agricultural transactions. Its participation in Honduras comes after the company’s collaboration with the Mexican state of Tamaulipas to amplify their grain tracking service through the country.
About 10% of GrainChain was obtained by Medici Ventures towards the end of 2018.
A group of global coffee firms recently integrated with Farmer Connect, a tech start-up, to develop a blockchain platform for tracking coffee with the IBM-developed application.
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