Today the enterprise blockchain Covantis announced it has gone into production with its agribusiness network. The commodities post-trade solution was founded by six of the world’s largest agribusiness firms, ADM, Bunge, Cargill, COFCO, Louis Dreyfus Company and Viterra (formerly Glencore Agriculture).
The initial use case covers bulk shipments of corn and soybean from Brazil exported worldwide. It aims is to optimize trade execution by enabling shippers, traders and charters to collaborate.
Covantis is using the enterprise blockchain Quorum, which uses Ethereum’s technology.
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