In line with a recent press release by the company, Medici Ventures, the blockchain venture arm ofoverstock.com Inc., has purchased $2.5 Mln in equity in agricultural blockchain project named ‘GrainChain.’
Founded back in year 2003, GrainChain has developed a blockchain-powered system that permits supply chain parties to trace the distribution method of harvests. GrainChain’s blockchain-based monetary settlement system permits producers, patrons and sellers to make use of smart contracts so as to secure funds throughout the grain dealings method.
The firm states that their system provides a platform, via which small and medium-scale farmers will conduct business outside of their immediate native areas and cut out the middlemen.
With the buyers, Medici Ventures currently has 10 p.c possession in GrainChain, with the choice to further acquire an extra 10 p.c. The acquisition can supposedly permit GrainChain to expand its market share in Central and South America.
Blockchain technology has been actively integrated in numerous agricultural applications. Earlier in Nov., U.S. fast-casual salad chain Sweetgreen proclaimed a second funding spherical to raise $200 Mln, mentioning blockchain among its key development areas. The сapital raised would reportedly alter Sweetgreen to specialize in technology and provide chain development, with blockchain as the “most viable resolution available” to extend transparency in food supply chains.
Even in Oct., the world’s four largest agriculture corporations, called ABCD, partnered to digitize international grain commercialism by using blockchain and AI [Artificial Intelligence] technologies. The technologies are expected be employed to automise grain and oil-seed post-trade execution processes, that are for now fully manual and are expensive part of the availability chain.
Also that month, Medici Ventures invested within Israeli-based technology company VinX to develop a blockchain-powered wine futures platform. VinX plans to develop a token-based digital wine futures platform supporting the Bordeaux futures model, which will alter the trade of wine futures on a blockchain platform.