Covantis deals With Consensys To Develop An Ethereum Based Blockchain Platform

Covantis has selected the Ethereum blockchain network focused company ConsenSys as its technology partner.

Covantis is a blockchain initiative to simplify and secure global trade. The founding members of the Covantis initiative include ADM, Bunge, Cargill, Louis Dreyfus Company and Glencore Agriculture.

Consensys will create a blockchain-powered platform to fully digitize the post-trade finance sector. The goal is to enhance overall efficiency and minimize operational costs for the global Agri-business supply chain.

Moreover, the firms have been exploring some of the different ways to develop standards and have been digitizing international agricultural transactions for the past few days.

Executive Opinion

The independent advisor to the project, Stefano Rettore,  said, “The founders set up a robust selection process, including a two week hackathon, to ensure that we chose the right technology partner to meet our industry’s needs. ConsenSys presented prototypes that demonstrated excellence in its field and has a track record of using blockchain technology to digitize processes in the commodity trade finance industry. We are confident this partnership will allow us to build a first-class product, centered around unparalleled functionality, security and privacy.”

Joseph Lubin, founder of ConsenSys and co-creator of Ethereum, said, “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. 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.”

ConsenSys will help to reveal the Covantis digital platform 

The concept of Covantis was first revealed in the month of October 2018. Some of the world's largest MultiNational Agri-Business firms had launched a joint project to digitize their global shipping transactions with the help of Distributed Ledger Technology and Artificial Intelligence as well.

By the end of this year, Covantis expects the launch of its digital platform. The addition of ConsenSys to its Convatis project may help to make a smooth launch.

The project will also initially focus on automating processes that are related to grain and oilseed post-trade execution, notes the announcement.

ConsenSys management will offer Covantis several enterprise-grade blockchain software tools and services, which include the MythX, Orchestrate, Kaleido, in order to develop the blockchain platform on Ethereum.

Covantis will also create a secure software platform that is based on Quorum, Ethereum powered a permissoned blockchain network implemented by the JPMorgan, notes the announcement.