The Covantis blockchain platform for post-trade processes has moved into full production, two years after being created by a group of major agribusinesses to digitalise agricultural shipping transactions. It was announced last week that the platform had gone live with more than 30 entities, including its six founding members – Archer Daniels Midland (ADM), Bunge, Cargill, Cofco, Louis Dreyfus Company and Viterra. The platform will initially cover bulk shipments of commodities such as corn and soybeans from Brazil to destinations globally, and will seek to connect shippers, traders and charterers involved in these trade flows. In this initial market, the platform – which seeks to do away with paper-based post-trade processes, in a bid to boost efficiency and cut operational risks for bulk shipments of agricultural goods – will focus on digitalising core processes. “We are beginning with digitalising the string management, the contractual notices and the overall communication between shippers, FOB [free-on-board] traders and charterers. The platform is being used for sending and receiving documentary instructions and draft documents,” a Covantis spokesperson tells GTR. They add that the platform should cover the entire execution process later this year, and in line with this, the plan is to add firms… continue reading
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Source: CTRM Center