The founding members of the Covantis initiative, which aims to modernize global trade operations, have announced the selection of ConsenSys, a market-leading Ethereum blockchain technology company, as the lead technology partner to develop its transformative platform.
“The founders set up a robust selection process, including a two week hackathon, to ensure that we chose the right technology partner to meet our industry’s needs,” said Stefano Rettore, independent advisor to the project. “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.”
ConsenSys will leverage its enterprise-ready blockchain solutions and services, including PegaSys Orchestrate, Kaleido and MythX to build the blockchain network on Ethereum. It will build a secured platform based on Quorum, a permissioned Ethereum-based blockchain protocol, to cater to both small and large players across the supply chain.
“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,” said Joseph Lubin, founder of ConsenSys and co-creator of Ethereum. “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.”
The Covantis initiative was created in October 2018 by leading commodity industry players to develop technologies to standardize and digitize global agricultural shipping transactions for the benefit of the entire industry. A Covantis entity and its digital platform are expected to launch in 2020, subject to regulatory approvals. Initial focus will be on automating grain and oilseed post-trade execution processes.