Dominion Blockchain, headquartered in Canada’s agricultural heartland, is set to launch the Grain Exchange (GRNX) token later this year. This innovative token is distinguished as the first to be backed by actual grain, providing inherent stability through its real-world asset backing. The Grain Exchange token will complement the Grain Intelligence system, which helps farmers efficiently monitor their grain inventory’s quantity and quality, maximizing its value.
The Grain Intelligence system tracks essential grain-related data from the field through to processing, ensuring accurate, transparent, and fully traceable information. This data also opens up additional revenue streams through carbon credits and sustainability initiatives.
Grain buyers stand to gain from the new token as well, benefiting from lower-cost inventory financing amidst soaring interest rates that have tripled in recent years.
In June, a successful pilot saw a Canadian farmer deliver the first canola load with all related data tracked from field to delivery. The farmer received digital payment for the grain along with credit for their data, while the buyer secured inventory financing at a rate 33% lower than traditional financial institutions.
Jason Dearborn, CEO of Dominion Blockchain, states, “The Grain Intelligence system and Grain Exchange token represent a significant advancement for the food chain. They enable global farmers and buyers to connect effortlessly, optimizing grain value and ensuring immediate digital payments. This will result in higher quality and quantity of food reaching consumers.”
The Honourable Grant Devine, former Premier and Minister of Agriculture of Saskatchewan, and Agriculture Hall of Fame inductee, notes, “Real-time price and quality data greatly enhance market efficiency. This technology promises a historic boost to the Canadian grain market.”
The Honourable Gerry Ritz, former Canadian Minister of Agriculture, adds, “Incorporating farm input data on a blockchain is a major advancement in marketing freedom, enhancing the value of every bushel marketed through the Grain Intelligence system.”
The Grain Exchange token is being developed through a collaboration between LandX and Dominion Blockchain. LandX is known for its farm land-backed token, while Dominion Blockchain has a shareholder base of over 150 Canadian farmers, managing more than 1.5 million acres and engaging with over 10,000 growers. The Grain Intelligence partner network interacts with over 12,000 farmers.
