Honduras coffee industry to implement blockchain

The coffee industry in Honduras is going all-in on blockchain technology. Stakeholders from every part of the coffee industry have signed up to use GrainChain. This blockchain service improves trust between farmers and banks, and provides a proper payment system between farmers and commercial parties.

Honduras is one of the biggest coffee countries in the world. They produce approximately four percent of all the coffee in the world, making them the fifth biggest producer worldwide. The country expected to produce 438 million kilo coffee in the marketing year ending on September 30th. Over the year four new infections popped up. This required more work and money from the farmers to maintain the same high quality the Honduran coffee has been known for.

GrainChain’s blockchain solution tracks every step in the production process, including proper usage of chemicals. At the same time farmers without a proper bank account can still get loans from banks through the GrainChain ecosystem. All this is possible because all parties provide data and this adds trust to the business relationships.

At the moment GrainChain already handled more than 84 thousand transactions. The blockchain service has 1439 active participants, according to data from its official website. The blockchain service has processed over 5.2 billion pounds of commodities.

Coffee industry likes blockchain

Coffee is a worldwide business led by companies like Starbucks. But also on a more local level there’s a lot of coffee business, with local bars, coffee brands, and cultural habits. There’s are plenty of examples where the coffee industry is embracing blockchain solutions. Starbucks is using Microsoft’s blockchain service to track its coffee. CoffeeCoin is an entire blockchain project aimed at tracking, certifying, buying and selling coffee. This coin is build on the Waves platform.

At the same time cryptocurrency payments are slowly becoming a part of the coffee lifestyle as well. Just like buying an espresso in Italy is a bit of an on-the-go experience, payments need to be fast and direct. In Spain more than 130 coffee bars accept bitcoin payments now. On top of that consumers from the United States can buy coffee at Starbucks using Flexa’s payment service.

Originally published at NEDEROB.