NEW YORK – GrainChain, the blockchain platform for the agricultural business ecosystem, plans to globally expand and scale its operations by moving to the Symbiont enterprise blockchain platform, Assembly™. Assembly provides the robust privacy features, and seamless scalability GrainChain needs to meet the demands of their current and future markets.
With established operations in Texas, Honduras and Mexico, GrainChain plans to rapidly expand its value proposition to the numerous countries whose agricultural economies could benefit from better technology. GrainChain uses smart contracts to empower low-income farmers with accelerated payments, which may be critical for struggling farming businesses. Previously on Hyperledger Fabric, GrainChain needed to move to a more scalable network with full enterprise-level support that would allow for easier global growth.
“Our mission has always been to help support farmers around the world,” comments Luis Macias, Chief Executive and Founder of GrainChain. “By pulling the agriculture supply chain onto blockchain technology, we’re helping every participant in that ecosystem — from farmers to bankers to grain elevators — get fairer value, faster payment and a bigger participant pool. We cannot be constrained by technology — which is why we moved to the Symbiont network. Symbiont is the blockchain engine that will help power our global vision.”
By moving to the Symbiont network, GrainChain has seen a substantial improvement in platform performance and privacy features, allowing them to drastically increase the number of farmers, buyers and grain elevators being serviced. Already working with over 20 different commodities, GrainChain plans to continue adding new commodity types to its platform. GrainChain recently closed a funding round of $8.2m, led by Medici Ventures, the wholly owned blockchain subsidiary of Overstock.com (NASDAQ:OSTK), which has also invested in Symbiont.
Jonathan Johnson, President of Medici Ventures and CEO of Overstock, says, “These are two powerful, purpose-driven companies coming together to bring important technology to the global agricultural community. We have ownership in both GrainChain and Symbiont because we believe in their underlying value propositions and advanced technology and the potential impact they will have on the verticals and countries in which they do business.”
Symbiont is an enterprise fintech creating the next generation of financial markets infrastructure using blockchain technology. Symbiont works with leading institutions such as Citi, Nasdaq, Ranieri, and Vanguard.
“GrainChain’s mission to empower farmers is one that we truly believe in,” comments Daniel Truque from Symbiont’s Alternative Assets team. “The Symbiont platform was purpose-built for this kind of global scale. Around the world, the agricultural supply chain is plagued by inefficiency and lack of digitization, which is keeping money out of farmers’ pockets. It’s time we change that.”
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Source: PR Newswire