With the chief goal of transforming global trade operations, Covantis initiative finally came up with a significant decision related to a business partnership.
Founding members and agribusiness giants (Bunge, Archer Daniels Midland Company, Cargill, and Louis Dreyfus Company) have chosen ConSensys, an Ethereum Blockchain firm, to execute the technology platform project they planned beforehand.
To take note, it was in October 2018 that the idea of Covantis came about. The focus of the said initiative is to save high costs and establish market efficiency for the global agribusiness supply chain. From a recent press release, the giants discussed that they want to make use of artificial intelligence and mainly, Blockchain, to digitize business transactions. The announcement was made by Covantis’ Chief Risk Officer and former ADM president Stefano Rettore on December 4.
ConSensys to Aid with Covantis Global Platform Launch
With enormous investment at stake, the robust selection for the right technology partner is reasonably justified. The partnership that these companies will have with ConSensys is a giant leap towards establishing the digital platform that will ultimately reflect the company’s goals.
For the initial step, the team concentrates on oil-seed post-trade processes and mechanizing grain. Also mentioned in the press release, the digital platform will be grounded on Quorum, which is a permissioned Ethereum-based Blockchain established by JPMorgan. As the lead technology partner, ConSensys will develop its enterprise-ready Blockchain services and solutions, alongside MythX, PegaSys Orchestrate, and Kaleido.
Retorre highlighted how ConsenSys exhibited exceptional technological skills. He voiced out his trust, saying that the firm “demonstrated excellence in its field.” The whole team is confident that the partnership will result in a product that is word class, and one that is centered on unparalleled functionality, security as well as privacy. On the other hand, Joseph Lubin, co-creator of Ethereum and founder of ConSensys, expressed his admiration for Covantis’ commitment to transforming global trading operations.
The Covantis entity, together with the digital platform, is expected to launch in 2020, which is still subject to some regulatory approvals.