With Covantis, grain companies are modernizing through an Ethereum blockchain

Several global agricultural giants have come together in a consortium: Covantis. They trust ConsenSys the development of a blockchain platform Ethereum private to manage their international exchanges.

Again, this is in the area of international trade that a huge blockchain project is emerging. This is initiated by a consortium of multinational grain companies. ADM, Bunge, Cargill, Louis Dreyfus and Glencore Agriculture gathered within Covantis, an entity founded in Switzerland.

Covantis, a private Ethereum platform

The objective of these players is to modernize global business operations in their industry through a platform blockchain. This platform will be based on blockchain technologies from ConsenSys.

The publisher has in fact been selected by the consortium to lead the development of this decentralized solution. ConsenSys will build on its blockchain solutions and services, including PegaSys Orchestrate, Kaleido and MythX.

These bricks will allow the design of a secure platform built on Quorum, a protocol for permissible blockchain based on Ethereum. Technology must therefore meet the needs of "large and small players in the supply chain. "

Komgo already established in Switzerland

This platform is proof that the blockchain technology has started to deliver on its promise to unlock value through collaboration and the removal of information silos within and across industries, "said Joseph Lubin, founder of ConsenSys and co-creator of Ethereum.

Covantis is not the first blockchain platform to set up in the field of commodity trading, or even to choose Switzerland for seat. Komgo, which also relies on a private blockchain (Quorum), is also based in Geneva.

As Frédéric Dalibard, director of the Komgo board explained, trading market remains "very little digitalized", which contributes to making it an ideal candidate for blockchain.

Other factors explain this adoption: "very disparate and fragmented market practices", multiple exchanges of documents, in particular paper, risk of fraud, and non-standardized processes and by silos.