GrainChain uses Blockchain to link up Honduras’ disjointed coffee sector

On September 20, the Honduran Coffee Institute flagged that overseas sales are expected to fall by 4.6% in the next crop. This is due to lower bean prices in the global marketplace and climate change.

Embittering the outlook for many coffee growers in the overall Central American pot is the La Roya disease. Lower coffee bean rates, climate change Farmers abandon coffee holdings to migrate north Coffee businesses still reeling from La Roya rust disease Source: Francisco Ord óñ ez, director of Honduran Coffee Institute Texas-based GrainChain has inked agreements with all arms of the ‘disjointed’ coffee supply chain in Honduras – from grower to exporter. The startup aims to deliver its blockchain-based platform to help cut down on risk, improve conditions and encourage reinvestment in the cafe industry of the Central American nation.

This changes not only the fairness in quality grading for the buyer and the makers, but it allows for a reliability in the process that has never been seen,” explains Luis Macias, CEO of GrainChain, speaking exclusively with AFN . Improve the trust between growers and banks IoT tools will help improve accuracy throughout the entire process Improved clarity throughout the entire process will protect the producers Source: GrainChain Connected with IoT, the product suite upticks the accuracy of the entire process, thus minimizing the risks while maximizing the profit for all parties involved.

Furthermore, this would gain the efficiency of the process and ensure that the growers are paid on time. It’s unlikely that GrainChain can help with battling the mass migration of coffee producers, climate change, and plant disease. But at least, it’ll help close the gap between the producer and his (or her) earnings. “In the long-term GrainChain gives growers better access. Credit conditions, such as better terms and rates, more financing; finally giving rise to development for the country’s coffee sector.

Giving the sector products that allow for process management and true traceability will put us in the forefront of the export trade. Per to We consider blockchain technology is the right fit for this,”, francisco Fortin, general manager of Confianza SA-FGR, a leading insurance provider to Honduras’ agriculture trade. “Our banks feel comfortable with the transparency and process flow, our buyers and exporters can offer a fully traceable and certifiable product and no longer has to play “bank” in the process. They know the quality of their product and the process exactly of what it took, and products used to produce the coffee.

This implementation is a win for everyone, all the aspects of the system are designed from a true pain point in the supply chain and are pushing many of the existing barriers aside,” adds Macias. Joe really does love his joe . “Honduras is the first country in the region to adopt this tech. It can be a pilot that spreads to the rest of the Central American countries because the region is very similar: all countries in the Central American region are facing the same problems,” adds Fortin. GrainChain’s rollout in Honduras comes as players in both coffee and tech embrace blockchain to tame the global coffee marketplace.

Wright’s business injected $2.5 million in funds into GrainChain in December 2018, in exchange for 10% of the startup’s equity. “GrainChain brings unprecedented transparency to the industry, by using blockchain applications to make grain transactions extremely efficient, safe, and secure.” The Future of IoT in Agri + Food tech “I feel the marriage of IoT and Blockchain is beautiful and necessary. In order to get authentic data on blockchain, we need to ensure that it is provided by systems and not people,” states the GrainChain CEO, “I feel the future is extremely bright. We all understand that things need to improve and progress for us to not only meet global buying interest but to insure the sustainability of our planet and our producers.

I feel these technologies are helping to do just that.” The value of blockchain in food supply chains and agriculture is estimated to be $60.8 million in 2018. The United Nation reveals that food frauds cost the global economy around $40 billion per year because of illicit trades. “Given that the blockchain space is so nascent, we generally get involved early (seed or A) with potential follow-ons in later rounds,” adds Wright, Medici Ventures’ bullishness on the tech.