Victor Ugochukwu · Dec 14, 2020 . 5min read
Mastercard collaborates with GrainChain for Blockchain food traceability
Mastercard has declared its partnership with GrainChain. This collaboration attempts to offer transparency when it comes to supply chain management.
By Komal Joshi · Oct 30, 2020 . 6min read
Payments giant Mastercard has declared a partnership with GrainChain, a blockchain-based supply chain management firm. It aims to improve transparency for producers and customers in the commodity supply chain in Central America, Mexico, and the U.S. The partnership intends to empower suppliers and farmers to preserve their brand reputation via adherence to supply chain standards in an attempt to develop trust with the final customers.
GrainChain to implement Mastercard Provenance Solution.
The partnership would discuss the problems recently impeding the global trade system. The prevailing system in Central America undergoes a lack of accurate real-time information and responsibility. Thus, GrainChain will be using Mastercard Provenance Solution. It is a blockchain solution from the payment platform that gives end-to-end tracking during the supply chain.
Mastercard Provenance Solution allows users to track products from the original purchase of raw materials to the final delivery of prepared goods to the customer. Employing this solution would further support brands and farmers while following regulatory ethics. Moreover, all parties would profit from the accurate data presented on the blockchain for analysis and quality assurance purposes.
Mastercard’s growing interest in Blockchain technology.
The Mastercard’s blockchain-based Provenance Solution for supply chain management has seen increased usage in recent times. Apart from its prevailing deployment to trace products as a GrainChain associate, the financial giant’s Provenance solution has also collaborated with Envisible to trace the origin of food products for America’s largest food group.
Apart from agri-tech, Mastercard lately declared the launch of a CBDC (central bank digital currency) testing platform. The platform will enable central banks to assess use cases and test roll-out strategies by displaying a CBDC ecosystem like CBDC distribution, issuance, and exchange. Central banks, commercial banks, and advisory firms are keen on associating with Mastercard. Additionally, they will assess CBDC tech designs and validate use cases. However, it will also evaluate interoperability with existing payment rails available for consumers and businesses.
Moreover, Mastercard is also investigating digital identity solutions, entering the ID2020 Alliance in May this year. Furthermore, the Alliance was founded by Accenture, Rockefeller Foundation, Microsoft, Gavi, and IDEO.
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