According to a press release issued by GrainChain, the company has concluded the contracts with stakeholders from the coffee industry across the Honduras (a Central American country).
The goal of this cooperation is to improve transparency in supply chains. It should be emphasized that Honduras is one of the leading coffee suppliers around the world. The industry in this country, however, has been struggling for several years now with the crisis caused by falling prices and difficulties in maintaining balance.
What role will GrainChain play?
The main aim of the blockchain platform is the improvement of the trust between farmers and banks. GrainChain wants to introduce accuracy and transparency of data as well, in order to ensure fast and correct payments. To implement higher standards, the blockchain platform will provide farmers with a digital wallet so that they can apply for loans. Banks, on the other hand, will have control over what these funds will actually be used for. The smart contracts will improve both traceability and operational logistics among suppliers and buyers.
"We believe that building agricultural industries with blockchain tools will encourage reinvestment and improve quality throughout by giving people a single platform they can trust."
- adds Luis Macias (the CEO of GrainChain).
Moewover, farmers will be given an access to mobile applications that will allow them to track their inventory in real time. Data related to goods such as quantity and quality will be recorded by one of the GrainChain's products, which will allow immediate settlement of the contract and will also eliminate human errors.