ConsenSys will develop a blockchain platform for agribusiness

Xcelpay|3 min read|Feb 11, 2020

Covantis blockchain initiative, launched by global agricultural companies like Cargill, has chosen ConsenSys as its main partner.

According to a press release, as part of the partnership, ConsenSys will develop a platform based on the Ethereum blockchain to digitize post-trade document workflows, as well as to ensure efficiency and cost savings when working with international supply chains in agricultural activities.

The Covantis initiative was formed in October 2018, when the four largest global agricultural holdings joined together to digitize their trading operations using blockchain and Artificial Intelligence technologies.

It is expected that the Covantis platform will be launched this year and ConsenSys will help accelerate the launch of the system. According to a press release, the initial goal of the platform will be to accelerate the processing, as well as the sale and supply of grain and vegetable oil.

“ConsenSys presented preliminary projects that show excellent knowledge of the subject area and experience in using blockchain to translate processes in the trade finance industry. We are confident that this partnership will allow us to build a truly first-class product that provides unrivaled functionality, security and privacy,” said Covantis CEO Stefano Rettore.

The four largest agricultural companies Archer Daniels Midland Company, Bunge, Cargill and Louis Dreyfus, plan to use blockchain technology and artificial intelligence development for global grain sales.

The Ethiopian government also signed a memorandum of understanding with the Cardano cryptocurrency startup. The agreement provides for the use of blockchain technology by Ethiopian developers in the country’s agro-industrial sector.

In addition, the Russian company Direct Pharm launched a blockchain platform of the same name for those who produce grain or other agricultural products and want to sell it.

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