Agricultural startup GrainChain with a back by Medici Ventures, the blockchain arm of on-line retail big Overstock, plans to unite the Honduras espresso business by supplying its blockchain platform to a community of native stakeholders.
The corporate has signed a number of agreements with the goal of bringing all the espresso provide chain of Honduras collectively on its blockchain platform, in line with the press release revealed on September 24.
Considered one of & # 39; the world's largest espresso producers
With the initiative, GrainChain needs to facilitate a number of processes within the espresso provide chain of Honduras, the place espresso has historically been probably the most essential export merchandise.
Specifically, GrainChain guarantees to realize three main objectives, akin to growing belief between farmers and banks, enhancing information accuracy and growing transparency.
Agriculture from a cellular app
As a part of the initiative, GrainChain presents native clients a digital pockets with which distant farmers and banks can apply for loans with out loans. Banks can use GrainChain loans for small and medium-sized farmers, whereas insurance coverage firms will use GrainChain to automate the information, the press launch stories. As well as, native farmers could have entry to their items through a cellular app, which permits real-time monitoring of their stock.
Founded in 2003, producers, patrons and sellers can use good contracts for agricultural transactions with the GrainChain monetary settlement system. The exercise of GrainChain in Honduras follows the exercise of the corporate partnership with the Mexican state of Tamaulipas to broaden its grain monitoring service within the nation, as introduced in Might 2019.
Like Cointelegraph earlier reported, On the finish of 2018, 10% of GrainChain was taken over by Medici Ventures, the blockchain enterprise of on-line retail big Overstock.
Lately a bunch of worldwide espresso firms formed a team with tech startup Farmer Hook up with launch a blockchain platform to observe espresso utilizing an app developed by IBM.