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The agri commodity sector is seeing a number of new initiatives using blockchain technology to improve efficiency in transactions.
The Covantis blockchain platform, which is aiming to making global agri-commodity trade simple, secure, and efficient, went live in February this year, two years after being created by agribusinesses players with the aim of digitalizing agricultural shipping transactions.
There are over 30 entities signed up as initial users of the platform, including its six founding members – Archer Daniels Midland (ADM), Bunge, Cargill, Cofco, Louis Dreyfus Company and Viterra.
The initial use case covers bulk shipments of corn and soybean from Brazil exported worldwide. But the plan is to extend that coverage to a wider range of grains and oilseeds and to other origin markets.