GrainChain Inc

United States - McAllen, Texas

• 20/02/2023
• Unknown
• $29,000,000

The Grainchain team was established by the founders of SiloSys, an IT solution for the agricultural industry. For the last 5 years, we have been automating the system of measuring the commodities coming into silos and storage facilities, providing accurate measurement, tracking, and accountability for soft commodities. IT systems such as SiloSys are increasing in popularity worldwide, because they eliminate the manual processes of weighing and providing documentation for agricultural yield. Automated systems eliminate the potential of cheating with the weights, and a number of other dishonest schemes that were distorting commodities prices in the past. They also provide immediate paperwork that is trackable in the software systems, rather than paper notes.

As we expanded the automation of the network, we recognized that, while we can eliminate cheating on the physical end of the goods through our IT software and sensor hardware, many of the issues faced by the weakest members of the chain are built into the financial systems surrounding the agricultural industry. With the rise of blockchain technology and smartcontracts, we recognized that there is an opportunity to provide a myriad of services that will help the growers, governments, and agents who are often in the most compromised positions vis-à-vis commodities brokers and bank agents.

Related People

Luis MaciasFounder

United States - McAllen, Texas

Grainchain introduces blockchain technology to an untapped multi-trillion-dollar global industry, agriculture. This innovation provides instant payment to suppliers and farmers, and immediate access of commodities to buyers. It attacks fraud and corruption through certification and accountability. It streamlines procedures for all farmers, buyers, and participants in the commodities market. Grainchain is a comprehensive platform that modernizes the agricultural ecosystem and tracks farm goods from the farm to the financial markets. Grainchain’s digital token is backed by fiat currency which provides individuals and organizations in the agricultural industry with a secure and verified method of exchanging commodities. The fixed minimum reserve ratio between all outstanding tokens in circulation and associated real world assets sustains accountability and stabilizes the internal marketplace. Grainchain uses blockchain and other audit methods to verify that issued tokens are financially backed by the reserves. The full power of blockchain innovation allows all participants in the industry to use smart contracts and exchange tokens on the internal marketplace. The benefits include safe, verifiable, and immediate payments, matching farmer production to buyer order, real-time audit trails, agreement creation and enforcement.

LinkedIn https://www.linkedin.com/in/luisamacias/