Overstock’s blockchain accelerator – Medici Ventures – has reportedly disclosed its plan for expanding on an international scale, regarding its DLT-based agritech platform GrainChain.

Specifically revealed by Medici Ventures on March 27th, a collaboration formed with fintech firm Symbiont will give way to the global expansion of GrainChain – transitioning from the currently employed HyperLedger Fabric, to Assembly – an enterprise blockchain platform developed by Symbiont. 

GrainChain was particularly designed to bring an enhanced speed and eliminate friction capital circulation, of the agricultural market, via smart contracts. The platform also enables produce tracking, in an individual-crate manner, across the entire supply chain – ultimately brings down theft and corruption-related risks. 

Jonathan Johnson – head of Overstock has shared his perspective towards the alliance between the firm’s subsidiaries, claiming it to be “working to eliminate middlemen, democratize capital, and re-humanize commerce through the use of blockchain technology.”

GrainChain reportedly disclosed an approximate figure of 14,000 farmers recorded using the smart contracts it offers – with around 1,300 based in the US, 900 in Mexico, and the majority 12,000 located in Honduras. An estimated number of over 2.6 million tons equivalent of produce has been finalized. 

With the initiative to migrate to Assembly, GrainChain looks to achieve an enhanced speed, privacy, and facilitate scaling for the agritech platform. 

“GrainChain’s goal is to continue to grow into new countries to help support farmers around the globe, and Symbiont’s blockchain platform is the solution that will help us reach that goal,” Luis Macias – GrainChain CEO and founder – reportedly claimed.