Overstock’s blockchain accelerator, Medici Ventures, introduced a world enlargement of the distributed ledger expertise (DLT)-powered agritech platform GrainChain.
Medici Ventures revealed a press launch on March 27 saying that GrainChain’s enlargement will likely be executed in collaboration with fintech firm Symbiont — with GrainChain set to transition from HyperLedger Material to Symbiont’s enterprise blockchain platform, Meeting.
Medici is a shareholder in each GrainChain and Symbiont.
Medici Ventures plots world enlargement of GrainChain
GrainChain seeks to hurry up and take away friction capital circulation within the agricultural market via using good contracts. Farmers also can monitor their produce because it strikes via the availability chain on a per-crate foundation — decreasing the danger of theft and corruption.
Overstock CEO and Medici Ventures president, Jonathan Johnson, describes the partnership between Medici’s keiretsu corporations as “working to eradicate middlemen, democratize capital, and re-humanize commerce via using blockchain expertise.”
14,000 farmers at the moment use GrainChain
The agency claims that roughly 14,000 farmers at the moment use its good contacts — together with almost 1,300 U.S. based mostly customers, nearly 900 in Mexico, and 12,000 in Honduras. GrainChain estimates that it has processed greater than 2.6 million tons of produce on its platform.
The agency’s migration to Meeting is anticipated to bolster the agritech platform’s velocity, privateness, and facilitate scaling. Medici hopes that GrainChain will launch in a number of new nations earlier than 2021 — with Johnson eying South and Central America.
“GrainChain’s aim is to proceed to develop into new nations to assist help farmers across the globe, and Symbiont’s blockchain platform is the answer that may assist us attain that aim,” mentioned GrainChain’s chief govt and founder, Luis Macias.
Macias added that the funding will likely be used to “proceed product improvement and enlargement to fulfill market calls for in additional nations.”
Medici Seeks to Put money into Blockchain-Based Nation-Constructing Platforms
Medici Ventures introduced that it had acquired a further $5 million of fairness in GrainChain on March 6 after main an $eight.2 million funding spherical. The enterprise agency had beforehand invested $2.5 million in late-2018.
Medici’s GrainChain invests align with the agency’s plan to develop a blockchain-based suite of national-building services and products for rising economies.
In 2018, analytics agency Markets and Markets predicted that the worldwide blockchain-based agricultural market will likely be price almost $430 million by 2023.