The Global Agribusiness giants blockchain initiative Covantis has selected ConsenSys, a major Ethereum focused firm as their technology partner. As said by Covantis in a press release, ConsenSys will build a blockchain platform based on Ethereum for the company. According to ConsenSys, this platform will bring cost savings and efficiencies to the supply chain of international agribusiness.
Consensys Will Accelerate The Launch Of Covantis Platform
As the company has already planned to launch its digital platform by 2020, the partnership with ConsenSys will speed up the expected launch. Although, according to the press release notes, the initial focus of the company is on automating grain and oilseed execution processes.
ConsenSys is going to help Covantis in building the Ethereum based blockchain network using its enterprise-grade tools and services such as Kaleido, PegaSys Orchestrate and MythX. Specifically, the platform would be based on Quorum which is a permissioned blockchain based on Ethereum developed by JPMorgan, a major global financial services holding company.
The leading independent advisor, Stefano Rettore highlighted the outstanding tech expertise of ConsenSys as well as described it as a perfect partner for the firm. He specified that the company is confident that this partnership will allow them to build a product that would be centred around unparalleled security, privacy and functionality.
ConsenSys Confirms Partnership With Covantis
In a tweet, on Jan 23 ConsenSys confirmed its partnership with Covantis as well as showed gratitude towards the company. The CEO of ConsenSys, Joseph Lubin said that the power of Convetis commitment to support best-in-class, innovative technologies as well as transforming trade processes for agriculture commodities is motivating.
At the end of 2019, KPMG (one of the big four accounting firms) launched a track and trace platform based on blockchain in order to strengthen process transparency and traceability not only in agriculture but in other countries. Earlier, the privately held global corporation, Cargill invested in the resources of digital engineering to develop blockchain-based hyper ledger grid to streamline supply chains.