Mastercard has announced a partnership with GrainChain to develop digital records for commodity data. This collaboration will mark the Mastercard Provenance Solution entry into Central America.
GrainChain to Implement Mastercard Provenance Solution
According to the report, the partnership would address the issues currently facing the global trade system. The current system in Central America suffers from a lack of accurate real-time information and accountability.
GrainChain will be implementing, Mastercard Provenance Solution, a blockchain solution from the payment platform that delivers end-to-end tracking throughout the supply chain.
It also allows users to track commodities from the initial purchase of raw materials to the final delivery of processed materials to the consumer. Utilizing this solution would help protect brands and producers while ensuring that regulatory ethics are followed. Furthermore, all parties would benefit from the accurate data displayed on the blockchain for research and quality assurance purposes.
Mastercard representative Deborah Barta said that the company was interested in the traceability market.
“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,” she said.
Speaking on the partnership Luis Macias, CEO and Founder of GrainChain believes that the blockchain solution creates a level playing field for producers in Latin America and North America.
“We’re leveling 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.”
Mastercard Continues Interest in Blockchain Technology
Mastercard has continued to make inroads within the blockchain sector with different partnerships. The debit card and payment processing giant is one of the top blockchain patent filers and holders in the world.
It has recently put a lot of work into its Mastercard Provenance Solution which is built on its native permissioned blockchain protocol. This according to Mastercard is part of its plans to create visibility within the supply management sector. Thus ensuring that it holds a major role in implementing traceability solutions across a wide range of industries including food, logistics, retails, and many more.