Medici-Backed Blockchain Firm Wants to Unite the Coffee Industry of Honduras
Medici-backed agritech blockchain startup GrainChain plans to unite the coffee industry of Honduras with its platform.
Agricultural startup GrainChain backed by Medici Ventures, the blockchain venture arm of online retail giant Overstock, plans to unite the coffee industry of Honduras by delivering its blockchain platform to a network of local stakeholders.
The firm has signed several agreements with the aim of bringing the entire coffee supply chain of Honduras together on its blockchain platform, according to the press release published on Sept. 24.
One of the world’s biggest coffee producers
By launching the initiative, GrainChain intends to facilitate multiple processes in the coffee supply chain of Honduras, where coffee has historically been one of the major export products.
Specifically, GrainChain promises to accomplish three primary goals such as growing trust between farmers and banks, improving the accuracy of data and raising the transparency.
Farming from a mobile app
As part of the initiative, GrainChain will provide local customers with a digital wallet to enable remote and unbanked farmers to apply for loans. Banks will be able to use GrainChain loans for small and medium size farmers, while insurance companies will use GrainChain to automate the records, the press release notes. Additionally, local farmers will have access to their commodities via a mobile app, which enables real-time monitoring of their inventory.
Founded in 2003, GrainChain’s financial settlement system lets producers, buyers and sellers deploy smart contracts in agricultural transactions. GrainChain’s activity in Honduras follows the company’s partnership with the Mexican state of Tamaulipas to expand its grain tracking service in the country, as announced in May 2019.
As Cointelegraph previously reported, 10% of GrainChain was acquired by Medici Ventures, the blockchain venture arm of online retail giant Overstock, in late 2018.
Recently, a group of global coffee companies teamed up with tech startup Farmer Connect to launch a blockchain platform to track coffee using IBM-developed app.