GrainChain, a software suite for simple and safe payments by blockchain to farmers, consumers and grain elevators, announced Medici Ventures, Overstock.com’s top blockchain accelerator and subsidiary (OSTK), has bought $2.5 million in equity in the company. Medici Ventures owns 10% of the company, with the choice of increasing its ownership by an additional 10% in the future.
The software products of GrainChain, established in 2013 by the founders of SiloSys, get rid of manual weighting processes and recording agricultural yield. The financial settlement structure based on the blockchain empowers grain producers, buyers and sellers to set up smart contracts to secure cash throughout the grain business deal.
GrainChain eliminates the probability of human errors or bad actors by utilizing Internet of Things (IoT) gadgets that precisely compute grain weight and quality. In addition, the framework creates documentation for tracking farm – to – table harvests, removing the potential for fraud.
GrainChain co-founder and CEO Luis Macias, “We are making the grain transaction extremely efficient, transparent, safe and secure, and we’re giving not only the farmers but also the buyers a safe marketplace to do business in. 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.”
Major portion of the world’s agricultural produce still arrives from small and medium-sized farms, which fall short of the funds required to implement high – tech systems to modernize and safe-guard their business transactions.
GrainChain offers a reasonable means to employ these tools and ensure safety. In addition to empowering farmers and buyers to avoid the need for brokers or intermediaries to secure their dealings, GrainChain gives them the trust to do business with parties external to their geographical region, thus expanding their business opportunities.
Jonathan Johnson, president of Medici Ventures, said “Agriculture is the backbone of our global civilization, but producers operate on razor-thin margins and are up against a host of factors far beyond their control. GrainChain helps to support those producers by simplifying and securing the measuring and payment process and bringing unprecedented transparency to the industry.”
GrainChain is accessible in the United States and Mexico. The purchase of 10% stake in Medici Ventures will enable GrainChain to boost its market share in Central and South America.
