ConsenSys to Build Global Trade Platform for Agribusiness Giants

Publié le by Cointele | Publié le

Covantis, a blockchain initiative backed by global agribusiness giants like Cargill, has selected major Ethereum-focused firm ConsenSys as a technology partner.

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, Covantis said in a Jan. 23 press release.

Four agribusiness giants established the initiative in 2018, while Covantis' name came out months agoThe 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.

ConsenSys will help to launch the Covantis digital platform in 2020As the company plans to launch its digital platform in 2020, the recent addition of ConsenSys will apparently accelerate the anticipated launch.

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.

"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."

"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."

Agribusiness is one major direction of blockchain implementations.

Previously, Cargill - the United States's largest privately held company by revenue - invested in digital engineering resources to develop Hyperledger Grid to streamline supply chains by using blockchain technology.

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