Yesterday Texas-based blockchain platform
GrainChain announced it had received $2.5 million in funding from Medici Ventures, part of Overstock.com. The startup disclosed that Medici owns 10% of the equity.
“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,” said GrainChain co-founder and CEO Luis Macias. “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.”
The platform uses smart contracts to secure funds during the transaction process, and also provides traceability. The use of Internet of Things (IoT) devices should enable more accurate measurements of weight. GrainChain was started by the founders of SiloSys which eliminates manual weighing and documenting agricultural yield.
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