Overstock accelerator plots expansion of farming blockchain
There’s a blockchain for all the pieces nowadays…together with grains. But this one is much less about verifying the provenance of your morning oatmeal and extra about distributing these complete grains effectively.
Medici Ventures, a blockchain accelerator owned by web retail firm Overstock.com, introduced a world expansion of agritech blockchain firm GrainChain by way of a partnership with Symbiont’s enterprise blockchain community. Earlier this month, Medici Ventures introduced it had bought over $5 million in fairness from GrainChain as half of an $eight.2 funding spherical for the challenge.
GrainChain, which has been round since 2013, says that 1,284 farmers within the US, 870 in Mexico, and 12,000 in Honduras at present use its good contracts. The blockchain goals to permit farmers and consumers to streamline funds and alternate commodities with minimal friction.
“The vendor or farmer is ready to obtain quick cost to the commodity they delivered, a course of that used to take weeks,” CEO Luis Macias advised Decrypt. “Any third-party participant, similar to lenders, will also be added to the good contact to obtain direct funds for loans. Finally, the customer attains a transparent title to the delivered commodity as quickly because the cost is full.”
Medici Venture’s funding can assist scale that up. The outfit stated with Symbiont’s enterprise blockchain, GrainChain will be capable of “increase the number of farmers, buyers, and grain elevators using its products.” Overstock CEO and Medici Ventures President Jonathan Johnson pointed to a necessity for GrainChain throughout Central and South America, and stated the corporate plans for additional expansion in Mexico, Honduras, Peru, and Brazil.
This isn’t the primary time Overstock and Medici have backed a meals product blockchain. In 2018, they promoted Vin X, a “wine futures” blockchain making an attempt to disrupt the “middlemen-heavy” wine trade.
Overstock delved into blockchain initiatives beneath the management of former CEO Patrick Byrne, a Bitcoin evangelist.
But even after Byrne’s departure final yr, they’re not stopping. Johnson advised Decrypt, “Our keiretsu [interlocked] companies are introducing blockchain technologies to industries such as identity, land governance, money and banking, capital markets, supply chain, and voting.”
And, if it places extra commodities and meals merchandise on a blockchain, it is not onerous to think about your butcher being subsequent. Oh, wait, there’s a blockchain for that too.