GrainChain, the blockchain payment solution for the farming industry, has sold a 10% stake in its company to Medici Ventures, the investment arm of U.S. retail giant Overstock.
GrainChain was developed in 2013 with the aim of leveraging blockchain’s revolutionary technology to improve the administration of agriculture through automation. It’s mainly focussed around helping farmers to secure funding for grain transportation using smart contracts. The method creates a platform on which buyers, sellers, and producers can quickly and easily do business in a secure and efficient manner.
In a press release for the system, GrainChain CEO Luis Marcias spoke of the projects desire to ensure fair conditions for everybody involved in the agriculture business but especially improve security for farmers.
“At the end of the day, we’re just leveling the playing field for the farmer, giving them much more power and control over the selling process,” he said.
The platform will utilize Internet of Things (IoT) devices to digitize processes and improve upon errors caused by human input. Additionally, the use of a database built on blockchain technology will naturally provide a monitoring system that is automated, immutable and readily available to all parties involved. Early systems will be tested in the United States and Mexico, with a rollout in Latin America planned soon.
GrainChain is just one of many partial acquisitions made recently by Medici Ventures. Previous purchases include a $4.5 million stake in crypto wallet Bitsy, a $3.4 million stake in groundbreaking content layout company SiteHelix, a $3.6 million stake in asset-backed tokenization startup Chainstone Labs, and an undisclosed investment into Isreali wine futures firm VinX.
Despite the ongoing cryptocurrency bear market, Overstock CEO Patrick Byrne has high hopes for blockchain technology. He recently announced the possibility of selling Overstock’s flagging retail division so as to focus purely on Medici Ventures blockchain projects.