Today enterprise blockchain Covantis said it has expanded its participants to 18 firms. The agribusiness consortium was unveiled in late 2018 by Archer Daniels Midland (ADM), Bunge, Cargill and Louis Dreyfus, with COFCO and Glencore (now Viterra) joining later.
In February, the blockchain went live with an initial use case for bulk corn and soybean exports from Brazil. By enabling shippers, traders and charters to collaborate, the aim is to optimize post-trade execution.
With the latest member additions, most exported bulk cargoes of corn and soybeans will be executed on a single platform. The Covantis network now has over 500 users and 50 legal entities globally.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
