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Doctors Ventures, the blockchain venture branch of Overstock.com Inc., purchased $ 2.5 million in equity in the GrainChain agricultural blockchain project, according to a press release shared with Cointelegraph on December 4.
Founded in 2003, GrainChain has developed a blockchain-based system that allows supply chain parties to follow the crop distribution process. GrainChain's blockchain-based financial settlement system allows manufacturers, buyers and sellers to create smart contracts to secure funds during the grain transaction process.
The company claims that their system provides a platform, thanks to which small and medium-sized farmers can conduct business outside their immediate geographic area and cut out intermediaries.
With the purchase, Medici Ventures now holds 10 percent ownership in GrainChain, with the possibility of acquiring a further 10 percent further. The acquisition will allow GrainChain to expand its market share in Central and South America.
Blockchain technology has been actively integrated into various agricultural applications. In November, the US fast-casual salad chain Sweetgreen announced a second round of financing to raise $ 200 million, mentioning the blockchain among its main development areas. The goal raised will allow Sweetgreen to focus on technology and supply chain development, with blockchain as "the most viable solution available" to increase transparency in food supply chains.
In October, the four largest farms in the world, commonly known as ABCD, collaborated on the digitalization of international grain trade using blockchain and artificial intelligence (AI) technologies. Initially technologies will be used to automate the post-trade processes of cereals and oilseeds, which are a highly manual and costly part of the supply chain.
Also in that month, Medici Ventures invested in the Israeli technological society VinX to develop a blockchain-driven wine futures platform. VinX plans to develop a token-based digital wine futures platform based on the Bordeaux futures model, which will enable futures trading on a blockchain platform.
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