The world’s biggest coffee producer, Honduras, is set to get a taste of blockchain technology after GrainChain set out to place all stakeholders on its platform. Through digitizing the Honduras coffee sector, GrainChain commerce platform will unveil different blockchain-based solutions to the benefit of stakeholders.
Stakeholders Stand to Gain
Through GrainChain efforts, all stakeholders will be united and they can work together to improve coffee products from their farms. However, the commerce platform from GarinChain will help bring transparency, promote reinvestment, improve the sector’s conditions, and minimize risks.
Further on, farmers who form the backbone of the sector will enjoy improved trust between them and banks. Trust will lead to the creation of more services from banks for farmers.
Similarly, banks will be able to provide their services to unbanked farmers. Furthermore, by leveraging the features that come with the Internet of things coupled with those of blockchain technology, the accuracy of systems in place will be improved.
In addition to the above, farmers will enjoy protection from the platform and will be assured of receiving payment. For the latter task, GrainChain has put in place a digital wallet to manage their farm’s cash. Since the digital wallet leverages blockchain technology features, the smart contract feature will assure buyers and vendors of proper operational logistics and improve traceability.
Apart from the above, the integration of GrainChain’s systems into the supply chain systems in place, GrainChains system will unearth more benefits. Smart contract feature will help buyers, and national exporters take care of the instant transfer of title, initial purchase of commodities, and tracing of settlements. Similarly, it will also improve traceability.
On the other hand, for co-ops and growers, the platform will give them farmer loan programs, logistics management, farmer management, and advanced traceability tools. Further on, insurance firms present in the sector will get an opportunity to use simplified and automate systems. The latter will come in handy during the loan underwriting process. For banks, GrainChain’s platform will give them a platform with a direct connection to issue and manage the farm’s loans.
While GrainChain platform is after placing all stakeholders in one platform, another blockchain project targeting the coffee sector is after tracking. The latter is a project created by Farmer Connect and hopes to leverage IBM blockchain platform to track coffee by 2020.