Grain Discovery Executes Corn Transaction Using Blockchain
With the unexpected rejection of two loads of corn because they were just over the threshold for vomitoxin, Canadian farmers Larry Reynolds and Lloyd Crowe turned to the Grain Discovery platform to find a new local buyer, confirm the trade, and receive payment instantly. The toxin is produced by mold that has damaged much of Ontario’s corn harvest in 2018.
“By using Grain Discovery, we were not only able to avoid hours of searching for a new buyer, but we found one just down the road, at a better price than the original deal, and were paid instantly,” says Reynolds.
Founded in 2018, Grain Discovery’s online marketplace allows farmers and buyers to advertise their deals in real time and complete their trades through blockchain, which results in secure and instant payment and built-in traceability that continues beyond the farm gate.
“Farming technology in the agricultural industry is incredibly advanced,” explains Rory O’Sullivan, CEO of Grain Discovery. “However, the way grain is bought and sold hasn’t changed much since our grandparents were farming! In the age of Amazon and eBay, we believe the industry deserves better.”
Grain Discovery is focused on untangling the complicated supply chain for grains. The platform gives more control to both farmers and buyers and has myriad applications, from allowing consumers to see the path their food traveled to calculating the carbon intensity behind the production of food and biofuels.
“We are participating in a number of other pilot projects this year, including tracking soybeans from seeds in Canada to the export market in Japan and coffee from Columbia to your local cafe,” says O'Sullivan. “This transaction was the vital first step toward realizing our goals.”
“If blockchain technology means a few extra dollars in my pocket and a few hours less trucking, then that’s a win,” says Reynolds.