ConsenSys, a Brooklyn, New York-based Ethereum development studio, will be the technology partner.

Covantis is a blockchain-focused project backed by multinational agri-business companies Cargill, Archer Daniels Midland Company, Bunge and Louis Dreyfus Company. Launched in 2018, the project aims to digitize the firms’ global shipping transactions using distributed ledger technology (DLT) and AI.

Covantis and Consensys will set up the blockchain-powered platform. Moreover, the founding firms have also announced covantis.io, the new website for the project.

The platform will launch this year and will initially focus on digitizing grain and oilseed post-trade execution. (CrowdFundInsider)

Covantis for efficiency and reduction of costs

The Covantis project to digitize the agribusiness global supply chain will enhance its overall efficiency and reduce operational costs.

The secure software platform for the project will be based on Quorum, a permissioned (Private) Ethereum-powered blockchain from JPMorgan.

Meanwhile, the project will be led by independent consultant and former ADM president and chief risk officer Stefano Rettore until the appointment of a chief executive.

The power of the blockchain

“The strength of the Covantis initiative’s commitment to leverage innovative, best-in-class technologies to transform global trade operations for agricultural commodities is inspiring,” said ConsenSys founder Joseph Lubin. “This platform is evidence that blockchain technology has started to deliver on its promise of unlocking value through collaboration and removal of information silos within and across industries.”

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