Overstock wants to grow blockchain technology down on the farm.
The company, which said last month it is leaving retail to concentrate on investing in blockchain and other technology, said its Medici Ventures unit is investing in a software firm that will allow farmers to store grain transactions on a blockchain.
Medici will buy a $2.5 million, or 10 percent, equity stake in GrainChain, which develops software tools to aid farmers and purchasers in the grain industry. Medici has the option to buy another 10 percent at a later time.
GrainChain developed internet of things-focused software when it opened about six years ago, but CEO Luis Macias told CoinDesk the company began looking into creating a blockchain ledger about two years ago. Read more here.