Overstock’s Medici Ventures Acquires Stake in Agricultural Blockchain Firm
As per the latest news published in Cointelegraph, one of the blockchain responsibility corporation Medici Ventures, from Overstock.com Inc., has developed $3 million in impartiality in farming blockchain project GrainChain. The company established in 2003, GrainChain has industrialized a blockchain-powered system that allows supply chain gatherings to trail the delivery procedure of yields. GrainChain’s blockchain-based monetary payment system lets the creators, purchasers, and vendors make keen agreements to save funds through the grain business process. The company stated that their system has started to offer a place, by which medium and small-scale farmers can start business outdoor of their quick instant area and eliminating the middlemen.
With the acquisition, Medici Ventures will at present have 12 percent possession in GrainChain, with the choice to obtain an extra 10 percent. The attainment will supposedly let GrainChain improve its share of a market in South and Central America. Blockchain technology has been aggressively combined in various agrarian submissions. In November 2081 the U.S. fast-casual salad chain Sweetgreen publicized initial funding round to increase $200 million, stating blockchain amongst its key growth areas. The сapital elevated will allegedly be capable for Sweetgreen to an emphasis on knowledge and supply chain expansion, with blockchain as the “most feasible answer obtainable” to upsurge clearness in food supply chains. It was recently stated that the world’s largest agriculture businesses, usually called as ABCD, collaborated to digitize international grain in October trading by using blockchain and artificial intelligence (AI) technologies. The know-how will originally be used to mechanize oilseed and grain post-trade implementation procedures, that are an extremely physical and expensive part of the supply chain.
In the same month, Medici Ventures capitalized in VinX an Israeli-based technology firm to improve a blockchain-powered wine futures policy. The company has planned to create a token-based digitalized wine stocks founded on the Bordeaux commodities ideal that will support the employment of wine futures on a blockchain platform.
At present, nearly 500 farmers are directing the system. More 3,000 are on the waiting list. The firm imagines going live with the policy by the first quarter of 2019. In addition to chasing the grain, the platform uses a token, called as GrainPay, to ease expenditures. The dollar-backed stable coin is meant for inside use and has applied in combination with the agreements farmers make with purchasers.
In May 2018, Cointelegraph reported that VeChain a Chinese blockchain startup had started testing a blockchain application to confirm wine supply chain and battle forgeries. Data displayed that more than half Chateau Lafite-Rothschild spent in China is fake. A study by ReportLinker anticipated that the blockchain in food and agriculture supply market would be more than $500 million last four years. As per the report the blockchain market is estimated to increase as food fraud is projected to charge the worldwide food industry $49 billion yearly.