Credit and finance card company Mastercard Inc. today announced a collaboration with GrainChain, a Texas-based company focused on distributed ledger blockchain infrastructure, which will give farmers and suppliers greater visibility into their chains. procurement while reducing risk for buyers in the United States, Mexico and Central America.
Mastercard intends to use its industry independent blockchain technology in combination with GrainChain’s already present supply chain infrastructure to create digital records for product data and thereby extend the influence of Mastercard Provenance. Solution in Central America.
“The traceability market is a global industry, and the digital identity of products and goods is even more critical today, as consumers, brands and governments demand to know where products and services come from.” said Deborah Barta, senior vice president of innovation and startups. commitment at Mastercard.
This has become particularly problematic with the COVID-19 pandemic, Barta said. Supply chains have suffered because workers have been forced to use social distancing, office workers now often work remotely and visit workplaces less often, data is automated and manual controls are automated more often than before. The result is that reliability must translate into a great need for trust in downstream systems and there is an increased need for reproducibility of provenance.
“With Mastercard Provenance Solution, we strive to help parties benefit from reliable data, which improves efficiency throughout supply chains, ultimately helping to protect consumers,” Barta said. “With our first partnership in Central America, the collaboration with GrainChain demonstrates our ability to scale globally and transform supply chains into new industries.”
This increased complexity and lack of visibility in global supply chains has made it increasingly difficult for brands to meet standards and protect their reputation.
With the help of GrainChain, the newly expanded reach of Mastercard Provenance Solution will provide end-to-end tracking and visibility throughout the supply chain. This should allow participants to follow the products in a forensic fashion, from the initial inputs of raw materials to harvesting and processing – such as when they are harvested from the fields and put into bags and placed on trucks. – logistics and delivery to the consumer. hands.
“We’re leveling the playing field for hard-working producers in North America and Latin America, giving them much more power and control over the production and sales process,” said Luis Macias, Founder and Director general of GrainChain. “Small suppliers to countries around the world suffer from a lack of reliable real-time information and deserve transparency, accountability and profitability through streamlined global trade.
GrainChain is backed by OverStock’s Medici Ventures Inc. to the tune of $ 10.7 million as of March 2020, and it is one of the most successful agricultural blockchain platforms out there. He lives in a blockchain supply chain marketplace with IBM’s Food Trust Network, which strives to protect many products from farm to dinner table, including olive oil, romaine lettuce, Norwegian salmon and many other foods.
Although blockchain technology is still developing in the supply chain provenance industry, it continues to be tested as an underlying infrastructure to provide better efficiency and traceability at scale.
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