Covantis’ blockchain platform for global commodities trade goes live
Thursday, February 25, 2021
In 2018, a group of leading global agribusinesses came together with the goal of employing cutting-edge digital technology to modernize global agricultural shipping transactions for the benefit of the entire industry. The Covantis initiative has now launched its platform.
“Two years ago, we set out on a journey to transform a system of global trade that had changed very little for the last century. It’s been an exciting process, as we advanced from identifying this crucial need to working with industry participants across the supply chain to explore and understand the needs of the market to building a secure and trusted digital network. Today, we’re proud to launch our industry-changing digital platform in time for the beginning of the Brazilian export season. We look forward to working with our partners to use this technology to enhance efficiencies and reduce operational risk in this first key market,” said Petya Sechanova, CEO of Covantis.
Incorporated as an independent legal entity in Geneva, Switzerland in March 2020, Covantis partnered with market-leading technology providers like ConsenSys, its leading technical supplier, as well as Microsoft Azure Cloud and Cognizant, leveraging their solutions and services to deliver an innovative, best-in-class technology platform to transform global trade operations for agricultural commodities.
The platform’s initial scope covers the shipment and execution of bulk commodities such as corn and soybeans from Brazil to any worldwide destination, optimizing export trade execution processes by connecting shippers, traders and charterers.
Initial users of the platform include Covantis’ founding members - ADM, Bunge, Cargill, COFCO, Louis Dreyfus Company and Viterra - with hundreds of users from over 30 entities around the world who have been trained and onboarded virtually. In the coming months, Covantis will work to enlarge its network of participating companies and onboard the majority of industry players active in these flows.
The company will continue to invest in building new capabilities that increase value for its clients from origin to destination, thus creating a global network for efficient execution of bulk commodities trade operations.
Interested parties can learn more about the initiative at covantis.io.
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