Overstock-Supported Agricultural Project GrainChain and Tamaulipas Partner to Expand Tracking Services
The blockchain-based project GrainChain decided to sign a partnership with the Mexican state of Tamaulipas.
The main intention behind this is to expand the tracking services in the country. The information was released by Forbes on May 2.
GrainChain Works With Local Government
According to Forbes, the government of Tamaulipas will be using the software provided by GrainChain in order to track major grains. These grains include sorghum, soybean, and corn. This would allow agricultural products to be exported and sold in a much efficient way. Companies will have more control over the grains they deal with.
This blockchain service will be bringing more transparency to the grain supply chain and the whole industry related to it. The system is going to be automating data records and provide clarity to the way in which they handle grains since they are in the field and until they reach the supermarket or marketplace.
By using GrainChain’s software based on blockchain technology, it is possible to verify the authenticity of the grain. Additionally, this data will provide information regarding the place in which it was harvested. This system would also be providing more tracking of data and reliability for users.
The CEO of the company Luis Macias explained that the company’s software will be improving gain settlement times. The company is was not created recently. GrainChain was founded back in 2003 ad a financial settlement system that allows interested individuals to deploy smart contracts in the grain transaction process. Another company that has already invested in GrainChain is Overstock.
This is not the first time that a similar system is implemented around the world. There are other countries and firms that use tracking systems based on blockchain technology.