Details

Last Funding Type

Series B

Last Funding Money Raised

$8.20M

Industries

AgTech,Blockchain,Financial Services,FinTech,Trading Platform

Founded date

Jan 1, 2013

Number Of Employee

11 - 50

Operating Status

Active

Legal Name

GrainChain, Inc.

GrainChain creates an exchange platform with blockchain-based solutions for prompt payment and accountability.

Since the dawn of agriculture, human beings have continually sought higher efficiency and security in the production and trading of food. The modern age has seen the economics of agriculture and soft commodities repeatedly transformed by sudden technical innovations, a pattern which will continue to repeat itself. In the 1850’s advancements in refrigeration and food preservation dramatically lowered food prices and increased availability. In the 1940’s innovation came in the form of gasoline tractors replacing horse drawn plows. Today, blockchain technology is poised to play a major part in the agricultural revolution of our time.
GrainChain’s patent pending solution utilizes blockchain technology to address numerous issues present within the soft commodities markets, such as fraud at all stages, large and small-scale corruption, payment delays, access to futures commodities market, and a cycle of debt that is difficult to escape.
GrainChain changes this.

GrainChain utilizes the well-known properties of blockchains to address the systemic problems present in soft commodities markets, an industry in which the GrainChain team already has first hand experience in building software solutions.
The GrainChain system greatly increases transparency and accountability within the agriculture business by eliminating disparate and wasteful paper trails, greatly eliminating the opportunity for fraud and dramatically reducing time and costs. It ensures the prompt and secure execution of contracts between farmers and buyers, by both automatically facilitating payment to the farmer and making available the corresponding financial instrument for trading on commodities markets while verifying it is backed by only real assets in the system. This shortens a process that can currently take weeks down to a nearly instantaneous one. GrainChain benefits farmers, buyers, brokers, storage facilities, banks, suppliers of agricultural goods, governments, and ultimately every food consumer on earth; everyone that benefits from a more honest and efficient agricultural indust

GrainChain was first introduced in 2013 by an inventor and entrepreneur Luis Macias.