Overstock.com Capitalizes In Blockchain-based Trust Economy
May 15, 2018 7:12 am,
Medici Ventures is an exclusively retained minor of Overstock.com formed to achieve and supervise the company’s funds in startups constructing solutions based on circulated ledger skills. The Salt Lake City-based secondary emphases on six developing areas: capital markets, money and banking, uniqueness managing, property, voting, and fundamental technologies supportive of the blockchain.
Jonathan Johnson, President of Medici Ventures, has supervised funds in a dozen startups since the establishment of the VC fund in 2014, he told Computer World.
Medici Ventures has lately capitalized in Voatz, a startup who is emerging a system that allows voting via smartphone or tablet with an easy to use platform that comprises a fingerprint or retinal scan as a biometric uniqueness for voters to authorize their appropriateness to vote. Anonymity and privacy are guaranteed through an encrypted online uniqueness controlled by the voter. The technology has previously been used by leading universities and state political parties.
Organizations allocated to deliver trust between parties repeatedly fail to delivery and that is what Medici Ventures is directing to explain with their investments.
The new trust economy is projected to upturn over the next two years, allowing to Deloitte, as blockchain is able to create trust among parties. Person-to-person (P2P) transactions no longer need outmoded methods such as banks or credit rating activities. Distributed ledger technology is a reliable gatekeeper and spreader of transparency in a world progressively dependent on online individuality and status.
The trust economy spreads much further than the voting booth. Medici Ventures is also capitalized in tZERO, which aims to set up a platform to contest with traditional stock exchanges. Overstock.com CEO Patrick Byrne needs to replace brokerage fees and directives with an absolute system that is 80-90% cheaper.