Medici-Backed Blockchain Agricultural Project Now in Use in Mexico

Blockchain-powered agricultural project GrainChain has partnered with the Mexican state of Tamaulipas to expand its grain tracking service in the country, Forbes reports May 2.

According to the report, the Tamaulipas government is now using GrainChain’s software for tracking major grains such as sorghum, soybean and corn.

Implementing GrainChain’s blockchain-enabled tracking tools is expected to bring more transparency in the grain supply chain by automating data records and providing more clarity to the way grain is traced from the field to the end marketplace.

GrainChain's software can purportedly verify the authenticity of the grain and identify its source. Combined with Internet of Things (IoT) technology, the application of blockchain tech will purportedly provide more precise tracking of data and reliability for the commodity, as well as accelerate various processes. GrainChain CEO Luis Macias said that the firm’s software will greatly improve grain settlement times.

Founded in 2003, GrainChain’s financial settlement system allows producers, buyers and sellers to use smart contracts in grain transaction processes. In late 2018, Overstock-owned blockchain venture capital firm Medici Ventures purchased $2.5 million in equity in GrainChain, acquiring 10% of the company.

Earlier today, Cointelegraph reported that the World Economic Forum (WEF) teamed up with more than 100 global supply chain and logistics leaders to standardize blockchain applications in the industry.