Global ag giants launch blockchain business

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Six global agribusiness powerhouses have unveiled the name of a collaborative blockchain project they hope will “modernise global trade operations” — Covantis.

Bunge, Cargill, ADF, COFCO International, Louis Dreyfus Company and Glencore Agriculture have joined forces to launch a project to replace legacy post-trade processes with blockchain, artificial intelligence and other solutions.

That platform and business waas today announced as Covantis, with Geneva-based Stefano Rettore — a former ADM president and chief risk officer — to lead the project as an independent advisor during the development phase.

This includes overseeing the search for a chief executive, until governance in place and a chief executive is appointed.

“Covantis offers a path to improve agricultural trade, unlocking significant value for all players across the supply chain,” he said.

“By working collaboratively with the industry, we have an opportunity to build a more effective, more efficient digital future for global trade.”

The initiative was last year initially launched by Bunge, Cargill, ADF and Louis Dreyfus Company, with COFCO and Glencore joining the consortium later.

Covantis aims to make the contract execution process more efficient, accurate and transparent, using blockchain and allied technologies.

The platform is expected to launch next year.

The Covantis platform is set to be built on Quorum, the enterprise blockchain version of Ethereum developed by JP Morgan.

Quorum also underpins the oil post-trade platform VAKT and commodities trade finance solution komgo.

In previous announcements, the group said it first plannted to target grains and oilseeds, where Covantis will use automation to cut costs and reduce documentation time.

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