Collaborative agribusiness trade modernization initiative Covantis has selected blockchain startup ConsenSys as its lead technology partner, reported Cointelegraph on January 25th.
Under the collaboration, ConsenSys will develop an Ethereum based blockchain system to digitize the post-trade funding business and improve efficiency and save costs for the global agribusiness supply chain.
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.
ConsenSys will leverage its enterprise-ready blockchain solutions and services, including PegaSys Orchestrate, Kaleido and MythX to build the blockchain network on Ethereum. 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 project’s aim is to move away from manual processes to enable efficiencies and cost savings. The consortium plans to launch its first platform this year, subject to antitrust clearance. The initiative will initially focus on automating grain and oilseed post-trade execution processes.