Grainchain, a Texas-based company which specializes in providing a blockchain platform for the agricultural business ecosystem is expanding its footprints; the company is launching its services in Mexico.
The company is joining hands with the government of Tamaulipas, Mexico for the new development. The partnership will pave the way for farmers and grain elevators to rip the benefits of settlement and commodity management.
Grainchain will deploy its sensors and software by integrating with its current grain elevator equipment. The process will automate the certification of inventory, invoice activities and reporting to buyers and sellers, the company said.
Even though the company has adapted towards blockchain recently, it has created its technology six years back as an inventory supply chain management toolkit for farmers.
According to Luis Macias, Grainchain’s founder said that he sold the old software business in 2005, Verge Data to an insurance company. Mr Macias took some time after that to stick to the software development business in Texas. In 2012, Mr Macias got a new proposal from Hi Star Grain for creating software for managing the sales process for bulk dry goods. The company focused on the next five years on developing the technology.
The company works on a contract basis. It sets up a contract between the buyer and a farmer for their supply. The process is carried out through Grainchain’s digital portal. The company earns money through the money charged on every transaction that moves through its platform.