» Blockchain-based Agricultural Startup Plans to Unite the Coffee Industry of Honduras

GrainChain is an agricultural initiative supported by Medici Ventures and has so far shown some expectations with Honduras' plans to bring the coffee industry together.

Medici Ventures is a block chain entry arm of online retail giant Overstock, which has provided significant support to GrainChain for some time now. According to an announcement on September 24, the firm has reached a number of agreements to bring the entire Honduras coffee supply chain together on its own Blockchain platform.

Among the best coffee makers in the world

With the launch of this initiative, GrainChain aims to provide customers with digital wallets; this will allow remote and forbidden farmers to apply for loans. GrainChain loans will be used by banks for record automation for small and medium-sized farmers and insurance companies. The press release also indicated that farmers will have full access to their goods digitally through a mobile application to monitor their stocks in real time.

Founded in 2003, GrainChain has succeeded in establishing a financial settlement system that enables manufacturers, buyers and sellers to make smart contracts in agricultural transactions. As announced in May 2019, the company also partnered with the Mexican state of Tamaulipas to expand its grain tracking service in the country.

Image with Shutterstock

Date: 2019-09-29 18:24:57

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