February 26, 2021

Major agribusinesses alliance Covantis launches blockchain platform

Covantis, an agribusinesses alliance which includes Archer Daniels Midland, Bunge, Cargill, COFCO, Louis Dreyfus Company, and Viterra, has launched a blockchain platform that will initially cover Brazil commodities trade, Reuters reported.

The project was in development since 2018 and aims to use digital technology to move agricultural commodity trading away from e-mails and paper documents.

The alliance members will be the first users of the new platform.

Covantis said for now, the blockchain platform will cover Brazilian shipment and execution of bulk commodities like corn and soybeans to any location worldwide. The platform will optimise export trade execution processes, connecting traders, exporters, and charterers.

- Reuters