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
Excited to share that #ConsenSys was selected as the lead technical partner for Covantis, a new initiative to digitize the post-trade finance industry. #EntEthIsHere https://t.co/JJu4RqlCzm — ConsenSys (@Consensys) January 23, 2020
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.”