Mastercard Partners GrainChain to Create Commodities Digital Records
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Mastercard Partners GrainChain to Create Commodities Digital Records

October 31, 2020      Vandana Malik

Mastercard has announced a partnership with GrainChain, an agricultural-based blockchain firm. The major purpose of the partnership is to create digital records of the commodities. Both firms will work together to create digital records for supply chains across the U.S., Central America, and Mexico.

GrainChain is backed by Overstock’s Medici Ventures, and it targets the Honduras coffee industry. Moreover, all the services offered by the firm helps enable traceability and settlements in the country. As per the announcement, a platform called Provenance will be used to forensically track the commodities. The process will use blockchain technology, which will help in the authentication of the process. As a result, the farmers and different brands will be able to protect their reputation with it. 

Mastercard Partners With GrainChain For Provenance and Traceability

The major purpose of using Mastercard is that it will offer end-to-end visibility for customers of GrainChain. Also, it is having the best technology to scale globally. Tom DeRosa, marketing director at GrainChain, has said that the partnership with the payments giant is particularly for improving provenance and traceability. 

Luis Macias, the founder and chief executive of GrainChain, said that the partnership is intended to improve the country’s supply chain.

Deborah Barta, Vice President at Mastercard, said:

 “The traceability market is a global industry, and the digital identity of products and goods is even more critical today.”

Card Payment Giant Seems to Embrace Blockchain Technology

Mastercard is establishing partnerships with different blockchain-based firms, for quite some time now. This indicates that the company has now started embracing and adopting blockchain technology widely. A while ago, the payments giant has also announced to launch a central based digital currency (CBDC) testing platform. However, it completely justifies the involvement of Mastercard with blockchain-based firms and building different digital identity solutions as well.

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Vandana Malik
Vandana Malik

Vandana has received Master of Arts degree in English from GEU Dehradun. She is currently working as a content writer with Agio Support Solutions and earlier worked as a sub-news editor at Business News and Information Services Private Limited. She is an enthusiastic content writer and aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing her own knowledge in the cryptocurrency and blockchain industry.