GrainChain Blockchain Company Partners with Coffee Farmers to Use Smart Contracts
Producing fair trade-in organic coffee farming can sometimes be very costly and troublesome. A blockchain software organization has, however, made the process simpler and easier for implementation to more than 12,000 coffee bean farmers in Honduras.
The Texas-based company provides supply chain software to facilitate productive agricultural activities. GrainChain covers farmers, vendors, coffee bean manufacturers, fair trade certificate auditors, coffee exports, and other stakeholders in its blockchain system.
GrainChain seeks to bring the whole coffee supply chain of Honduras onboard to its blockchain platform.
Largest Coffee Producers
The Medici-backed blockchain company intends to enable several processes in the supply chain for coffee in Honduras. In Honduras, coffee has been known to be the significant leading export for a long time. The firm has promised farmers that it is going to achieve three primary objectives.
The primary goals include raising transparency in the industry, ensuring accurate data, and boosting trust between the ban and farmers.
Using an App to Grow Coffee
As part of the greater ambition, the blockchain-based firm will give locals a digital wallet that will enable the unbanked farmers also to have access to loans. Banks will now start using GrainChain loans for the medium-size farmers. On the other hand, insurances will use this company to automate press release notes.
The local farmer will be enabled to access their goods via the application. It means they can monitor their inventory easily and at any time.
Farmers already in the project were excited to build stronger ties with banks as it secured an opportunity for a loan every time they want to borrow. The exporters and buyers did not, however, understand the significance of this firm in the supply chain movement at first. But when they saw the potential savings on certain costs, they signed on happily.
Such costs included reduced administrative overheads, no middlemen, and securing loans more quickly and conveniently.