Covantis Allies With Consensys To Develop An Ethereum Based Blockchain Platform
Covantis, a blockchain initiative supported by global agribusiness giants like Cargill, has elected major Ethereum-focused firm ConsenSys as a technology partner.
In the alliance, ConsenSys will develop an Ethereum-based blockchain platform to digitize the post-trade finance industry and produce competencies and cost savings to the international agribusiness supply chain Covantis stated in a Jan. 23 press release.
The idea of Covantis was founded in October 2018, when four of the essential global agribusinesses companies started a joint initiative to digitize their global shipping transactions utilizing blockchain and artificial intelligence. Covantis’ founding members comprise Bunge, Cargill, Archer Daniels Midland (ADM) Company, and Louis Dreyfus Company.
While the companies have been examining ways to digitize and standardize global agricultural shipping businesses since 2018, the formal branding of the project was published about two months ago.
On Dec. 4, the founding members declared that their joint effort would be declared Covantis, also starting a new website for the initiative, covantis.io. Additionally, the project published that former ADM president and principal risk officer Stefano Rettore would drive the project as an autonomous advisor until the initiative has a CEO selected.
As the company intends to launch its digital platform in 2020, the current extension of ConsenSys will stimulate the anticipated launch. The press release states that the primary focus will be on automating grain and oilseed post-trade accomplishment processes, the press release notes.
ConsenSys will present Covantis with an amount of its enterprise-grade blockchain devices and services, including Kaleido, PegaSys Orchestrate, and MythX to create the blockchain network on Ethereum. Precisely, the firm will make a secured platform based on Quorum, a permissioned Ethereum-based blockchain produced by significant global financial holdings company JPMorgan.
Rettore highlighted the ConsenSys’ leading technology expertise, displaying trust that the company would be an ideal tech partner for their initiative:
“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.”
ConsenSys verified the news in a Jan. 23 tweets, while Joseph Lubin, Ethereum co-founder, and ConsenSys CEO, recorded that Covantis’ platform is demonstrating the vast potential of blockchain technology:
“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.”
In late 2019, Big Four audit firm KPMG launched a blockchain-based trace and track platform that is intended to enhance transparency and traceability of methods in agriculture and other industries.
Earlier, Cargill, the United States’ biggest privately operated company by revenue — funded in digital engineering resources to promote Hyperledger Grid to streamline supply chains by utilizing blockchain technology.