Port of South LouisianaTBA GroupVan AalstPort of StocktonThe Wolfson Centre for Bulk Solids Handling Technology Vigan
  • Bühler GmbH
  • TOC Events
  • Cimbria
  • Cleveland Cascades Ltd
  • Van Aalst
  • Telestack

Covantis announces ConsenSys as partner

Covantis announces ConsenSys as partner

(Posted on 27/01/20)

The founding members of the Covantis initiative, which aims to modernize global trade operations, have announced the selection of ConsenSys, a market-leading Ethereum blockchain technology company, as the lead technology partner to develop its transformative platform.

“The founders set up a robust selection process, including a two week hackathon, to ensure that we chose the right technology partner to meet our industry’s needs,” said Stefano Rettore, independent advisor to the project. “ConsenSys presented prototypes that demonstrated excellence in its field and has a track record of using blockchain technology to digitize processes in the commodity trade finance industry. We are confident this partnership will allow us to build a first-class product, centered around unparalleled functionality, security and privacy.”

ConsenSys will leverage its enterprise-ready blockchain solutions and services, including PegaSys OrchestrateKaleido and MythX to build the blockchain network on Ethereum. It will build a secured platform based on Quorum, a permissioned Ethereum-based blockchain protocol, to cater to both small and large players across the supply chain.

“The strength of the Covantis initiative’s commitment to leverage innovative, best-in-class technologies to transform global trade operations for agricultural commodities is inspiring,” said Joseph Lubin, founder of ConsenSys and co-creator of Ethereum. “This platform is evidence that blockchain technology has started to deliver on its promise of unlocking value through collaboration and removal of information silos within and across industries.”

The Covantis initiative was created in October 2018 by leading commodity industry players to develop technologies to standardize and digitize global agricultural shipping transactions for the benefit of the entire industry. A Covantis entity and its digital platform are expected to launch in 2020, subject to regulatory approvals. Initial focus will be on automating grain and oilseed post-trade execution processes. 

Latest News

Rio Tinto triples Weipa bauxite mine solar capacity

(Posted on 21/09/21)

Rio Tinto has approved a new solar farm and battery storage at Weipa in Queensland, in a move that will... Read more


Trafigura raises USD400 million US Dollar Bond

(Posted on 21/09/21)

Trafigura Group Pte Ltd, one of the world’s leading independent commodity trading companies, has... Read more


Rio Tinto teams with Caterpillar for zero-emissions autonomous trucks

(Posted on 16/09/21)

Rio Tinto and Caterpillar have signed a Memorandum of Understanding (MoU) for Caterpillar’s development... Read more


German government commits to fund ArcelorMittal Hydrogen DRI plant

(Posted on 13/09/21)

During a visit to ArcelorMittal Germany’s steel plant in Hamburg, Federal Environment Minister... Read more


Fossil-free steel pioneered in cargo handling industry

(Posted on 07/09/21)

Cargotec and SSAB have agreed to work on the introduction of fossil-free steel to the cargo handling... Read more


Australian mining well placed to support Japan’s decarbonisation efforts

(Posted on 02/09/21)

Australian mining’s long-term partnership with Japan on commodity trade to support economic growth... Read more


ADM announces industry’s first carbon neutral milling operations

(Posted on 31/08/21)

ADM has announced that the company has achieved net carbon neutral status for its U.S. flour milling... Read more


Australian grain growers welcome Ag Visa despite tight timing

(Posted on 27/08/21)

GrainGrowers has welcomed the announcement by Australia’s Federal Government to deliver a dedicated... Read more


Marathon to invest in ADM’s soybean facility

(Posted on 23/08/21)

Marathon Petroleum Corp and ADM have announced an agreement to form a joint venture for the production... Read more


Hill Dickinson consolidates commodities expertise

(Posted on 20/08/21)

Maritime law specialist Hill Dickinson has boosted its commodities expertise in Asia and the Far East... Read more


Coaltrans Asia 2021Sailors SocietyCimbriaBühler GmbHTMS Awards 2021Cleveland Cascades Ltd
  • Vigan
  • The Wolfson Centre for Bulk Solids Handling Technology
  • Coaltrans Asia 2021

Subscribe to our newsletter

Keep up to date with the latest global news in bulk cargo handling and shipping