Coffee growers in Honduras looking to efficiently guarantee the fair trade of their beans have found a solution in blockchain.
According to TheBlockCrypto, GrainChain has introduced a process using blockchain technology to aid Honduran coffee bean farmers in tracking the trade of their produce.
Building on its blockchain-based supply chain software, Texas-based GrainChain is to provide a way for coffee growers in the Central American nation of Honduras to follow their beans through the logistics process to vendors and, ultimately, to consumers. The software has onboarded key members of the coffee supply chain, from farmers and fair trade auditors to exporters, manufacturers, and vendors.
GrainChain CEO Luis Macias explained, “Our platform provides guarantees and visibility through the entire process, which empowers growers and vendors while reducing risk to bankers and buyers,” indicating that the enhanced process lowers the high cost of fair trade and improves the industry as a whole.
The GrainChain system uses blockchain technology to bring together essential fair trade processes, such as certification and inspection. Audits of farms are rewarded automatically with loans deposited to digital wallets set up for each farm that can be used for purchasing equipment and supplies. The technology has already attracted over 12,000 Honduran coffee growers.
The system is being introduced just as fair trade goods are seeing a boom in demand. Fairtrade International reported that sales of fair trade certified products worldwide grew US$9.74 billion in 2017 from the previous year.
About Asia Blockchain Review
Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.
Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.
Follow Asia Blockchain Review on:
We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us