Today Mastercard announced its partnership with agricultural blockchain firm GrainChain. With Mastercard’s proprietary blockchain ‘Provenance’, the two firms aim to create digital records of commodities throughout supply chains in Central America, Mexico, and the U.S.
Agritech firm GrainChain, which is backed by Overstock’s Medici Ventures, is best known for its blockchain solution targeting the Honduras coffee industry, a country where 20% of the population is employed in the sector. Its offering enables settlement and traceability.
With Provenance, participants will be able to ‘forensically track’ these commodities, with the blockchain technology authenticating the produce. This way brands and farmers are able to protect both consumers and their reputation.
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