On Jan. 23 a press release stated that within the partnership ConsenSys will build an Ethereum-based blockchain platform to digitize the post-trade finance industry and bring efficiencies and cost savings to the international agribusiness supply chain
The concept of Covantis was established in October 2018, when four of the biggest global agribusinesses companies announced a joint initiative to digitize their global shipping transactions using blockchain and artificial intelligence.
Covantis’ founding members include:
- Archer Daniels Midland (ADM) Company
- Louis Dreyfus Company
ConsenSys will provide Covantis with a number of its enterprise-grade blockchain tools and services, including PegaSys Orchestrate, Kaleido and MythX to build the blockchain network on Ethereum. Specifically, the firm will build a secured platform based on Quorum, a permissioned Ethereum-based blockchain developed by major global financial holdings company JPMorgan.
Rettore highlighted the ConsenSys’ outstanding technology expertise, expressing confidence that the company would be a perfect 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.”
Joseph Lubin, Ethereum co-founder, and ConsenSys CEO, noted that Covantis’ platform is proving the huge potential of blockchain tech:
“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.”