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Collaborative agribusiness trade modernization initiative Covantis has selected blockchain startup ConsenSys as its lead technology partner.
Covantis was founded in October 2018 by ADM, Bunge, Cargill, Louis Dreyfus Company, and Glencore Agriculture. They are jointly developing a platform to make global trade simple, secure and efficient.
“Covantis is an initiative to replace outdated, inefficient post-trade processes with modern solutions. We are building a secure digital platform that will minimise your operating risks while increasing market efficiency for the entire commodities trading and shipping industry,” the description on the official website reads.
Stefano Rettore, an independent advisor to the project, revealed that ConsenSys was selected following a robust selection process in which the company “presented prototypes that demonstrated excellence in its field.”
As a technology partner, ConsenSys will leverage its enterprise-ready blockchain solutions and services, including PegaSys Orchestrate, Kaleido and MythX to build the blockchain network on Ethereum.
According to a press release, the platform will be based on Quorum, a permissioned Ethereum-based blockchain protocol, and cater to both small and large players across the supply chain.
“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 Joseph Lubin, founder of ConsenSys and co-creator of Ethereum. “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.”
A Covantis entity and its digital platform are expected to launch in 2020, subject to regulatory approvals. The initiative will initially focus on automating grain and oilseed post-trade execution processes.
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