GrainChain’s blockchain to unite Honduras coffee industry
GrainChain is a platform that develops blockchains and internet-of-things (IoT) solutions for the agricultural industry. The company has now collaborated with stakeholders across the coffee industry in Honduras. The company is to deliver a commercial platform that would enable the sector to increase efficiency while minimizing risks of loss and delays across the supply chain. GrainChain hopes to encourage growth and reinvestment in the industry.
Honduras is one of the largest coffee producers yet, due to various complexities the region’s coffee industry has been falling behind. The main reasons seem to be unsustainability and decreasing prices that make it difficult to oversee the entire process while making it economical.
GrainChain’s blockchain-based platform will link farmers with banks to improve trust between the parties. This way GrainChain hopes to introduce banking in remote coffee producing areas that were previously left unchecked.
The product suite connected with the IoT will increase the accuracy of the entire process minimizing the risks while maximizing the profit for all parties involved. Furthermore, this would increase the efficiency of the process and ensure that the farmers are paid on time.
The platform includes a digital wallet that would allow farmers in remote areas to apply for loans. This way, farmers can increase the productivity of their farms. Furthermore, banks can dictate how that money is used so that it is only used for the intended purposes, which would minimize the chances of fraud and other risks. The company’s smart contracts would further increase traceability hence increasing the accuracy of the whole process.
The platform will allow farmers to access their commodities through a mobile application. This would let them check their inventory in real-time and hence make better decisions.
The platform will undoubtedly be a significant boost to Hondura’s Coffee industry. Regardless, its impact directly depends on the support it receives both by the farmers and banking companies.
Featured Image by Marco Verch