PARIS (Reuters) - Covantis, an alliance of global agribusinesses, said on Thursday it has launched a blockchain platform that will initially cover commodities trade from Brazil.
The project, begun in 2018, aims to use digital technology to shift agricultural commodity trading away from paper documents and email-based communication.
Initial users of the platform include Covantis’ founding members Archer Daniels Midland (NYSE:ADM), Bunge (NYSE:BG), Cargill, COFCO, Louis Dreyfus Company and Viterra, it said in a statement.
"The platform's initial scope covers the shipment and execution of bulk commodities such as corn and soybeans from Brazil to any worldwide destination, optimising export trade execution processes by connecting shippers, traders and charterers," Covantis said.
Brazil, the world's largest soybean exporter, is in the early stages of harvesting its 2020/21 soy crop.
Covantis is one of a number of initiatives in the commodity sector using blockchain - a digital ledger also used by cryptocurrency Bitcoin that can be instantly and transparently updated - to improve efficiency in transactions.