Medici-Backed Blockchain Firm Wants to Unite the Coffee Industry of Honduras

Agricultural startup GrainChain backed by Medici Ventures, the blockchain enterprise arm of on-line retail large Overstock, plans to unite the espresso business of Honduras by delivering its blockchain platform to a community of native stakeholders.

The agency has signed a number of agreements with the intention of bringing your complete espresso provide chain of Honduras collectively on its blockchain platform, in response to the press launch revealed on Sept. 24.

One of many world’s largest espresso producers

By launching the initiative, GrainChain intends to facilitate a number of processes within the espresso provide chain of Honduras, the place espresso has traditionally been one of many main export merchandise.

Particularly, GrainChain guarantees to perform three main objectives comparable to rising belief between farmers and banks, bettering the accuracy of information and elevating the transparency.

Farming from a cellular app

As a part of the initiative, GrainChain will present native prospects with a digital pockets to allow distant and unbanked farmers to use for loans. Banks will be capable to use GrainChain loans for small and medium dimension farmers, whereas insurance coverage corporations will use GrainChain to automate the data, the press launch notes. Moreover, native farmers may have entry to their commodities by way of a cellular app, which allows real-time monitoring of their stock.

Based in 2003, GrainChain’s monetary settlement system lets producers, consumers and sellers deploy good contracts in agricultural transactions. GrainChain’s exercise in Honduras follows the corporate’s partnership with the Mexican state of Tamaulipas to broaden its grain monitoring service within the nation, as introduced in Could 2019.

As Cointelegraph beforehand reported, 10% of GrainChain was acquired by Medici Ventures, the blockchain enterprise arm of on-line retail large Overstock, in late 2018.

Not too long ago, a gaggle of world espresso corporations teamed up with tech startup Farmer Hook up with launch a blockchain platform to trace espresso utilizing IBM-developed app.

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