The Blockchain Venture arm of Overstock.com Inc., Medici Ventures recently purchased $2.5 million in equity in GrainChain, an agricultural blockchain project.
The GrainChain established in 2003 has built a blockchain-powered system which allows supply chain parties to track distribution process of harvests. The financial settlement system allows buyers, producers and sellers to make smart contracts and secure funds throughout the process.
The GrainChain’s web portal throws light on the scope of GrainChain’s vision.
GrainChain’s innovative platform can facilitate prompt payment to suppliers and farmers, and the immediate availability of tradable commodities to buyers. It attacks fraud and corruption through certification and accountability, and it streamlines procedures for all participants in the commodities market. Thanks to the blockchain architecture, the GrainChain platform creates a digital yet secure record of commodity data and transactions.
The platform has 1,439 active participants and has completed 84,410 transactions till date.
Image Courtesy: grainchain.io
The firm states that the platform will cut out middlemen and will enable small and medium-scale farmers conduct business in unexplored territories.
With the purchase, Medici Ventures now has 10 percent ownership in GrainChain, with the option to further acquire an additional 10 percent. The acquisition will purportedly allow GrainChain to expand its market share in Central and South America.
Medici Ventures now has 10% ownership in GrainChain. They have a provision to further acquire an additional 10%. The acquisition will likely help GrainChain expand it’s market in Central and South America.
Other Blockchain Initiatives
In November, Sweetgreen, U.S. fast-casual salad chain announced a second fundraiser to raise $200 million. The capital raised will support Sweetgreen focus on supply chain development and technological perspectives in bringing transparency.
In October, Medici Ventures invested in VinX, Israeli-based technology company to create a blockchain-enabled wine futures platform. VinX seeks to develop a token-based digital wine futures platform based on Bordeaux futures model. This will enable the trade of wine futures on a blockchain platform.