Mastercard has announced a collaboration with GrainChain, a technology company that enables supply chain visibility, empowering suppliers and farmers while reducing risks to buyers and banks in the United States, Mexico and Central America.
Using Mastercard’s proprietary and industry-agnostic blockchain technology, Mastercard and GrainChain are uniting to create secure digital records of commodity data, marking the Mastercard Provenance Solution’s entry into Central America.
Deborah Barta, Senior Vice President of Innovation and Startup Engagement commented: “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 are from.
“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.”
Greater complexity and lack of visibility across global supply chains has made it increasingly difficult for brands to uphold standards and protect their reputations.
Together with GrainChain, Mastercard Provenance Solution delivers end-to-end visibility throughout the supply chain, allowing participants to forensically track commodities, from the initial inputs and raw materials to harvesting and processing to logistics and delivery to the consumer’s hands.
Luis Macias, CEO and Founder of GrainChain added: “We’re levelling the playing field for the hard-working producers in North America and Latin America, giving them much more power and control over the process of producing and selling.
“Small suppliers in countries around the world suffer from a lack of reliable real-time information and deserve transparency, accountability and profitability with streamlined global trade. Through our new partnership with Mastercard, we are providing an unparalleled level of efficiency, reliability, transparency, and security to the entire commodity supply chain.”