Sirlibz
Mastercard has announced it’s partnership with Grainchain, a blockchain firm that creates innovative solutions to solve the complex challenges facing the global agricultural industry.
The collaboration will allow both entities to create digital records of commodity data and provide an end-to-end visibility and allow all participants of the process to freak commodities all the way from the harvest to the delivery of produce to buyers. This will allow accountability and transparency and protect both consumer and brands reputation.
Consumers are becoming more interested in knowing everything about a particular product especially the origin of the products they buy, they want to be sure that whatever it is that they are purchasing was not produced using child labor or any other means of hard labor. Companies on the other hand are having issues while trying to follow high quality standards and keep their reputation from being damaged because of the lack of visibility in the space of global supply chains.
“Mastercard’s top executive, Deborah Barta, who is in charge of innovation and startup engagement, stated that one’s digital identity these days is becoming crucial as buyers want to know everything about the origin of the products they buy. Consumers want to be sure, for example, that what they buy was not created using child labor or labor exploited in other ways.”
The collaboration between Mastercard and Grainchain will allow them to register commodity data digitally with the use of blockchain technology.
“With Mastercard Provenance Solution, we’re focused on helping parties benefit from reliable data, which brings efficiencies throughout supply chains, ultimately helping to protect consumers. With our first partnership in Central America, the collaboration with GrainChain demonstrates our ability to scale globally and transform supply chains across new industries.” said Deborah.
