Medici Ventures, a blockchain accelerator and subsidiary of Overstock.com Inc., has purchased a $2.5 million equity in GrainChain, a suite of software to bring easy and secure payments to farmers, buyers, and grain elevators through blockchain.
Successful Farming reports the accelerator now owns 10% of the company, with an option to add another 10% in the future.
The blockchain-based financial settlement system allows grain producers, buyers, and sellers to create smart contracts to secure funds throughout the grain transaction process.
By using internet of things (IoT) devices that accurately measure grain weight and quality, the technology eliminates the potential for errors by humans or bad actors. In addition, the system creates documentation to track harvest from farm to table, which eliminates the potential of fraud.
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