TBA GroupBühler GmbHTelestackCimbria Bulk Equipment A/SPort of StocktonCoaltrans Poland 2020
  • Coaltrans Poland 2020
  • Coaltrans School of Coal Singapore 2020
  • Cleveland Cascades Ltd
  • Cimbria Bulk Equipment A/S
  • Vigan
  • TBA Group

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

Glencore results reflect trade uncertainty

(Posted on 18/02/20)

Glencore’s Chief Executive Officer, Ivan Glasenberg, commented: “Our performance in 2019... Read more


IFA conference champions sustainability

(Posted on 18/02/20)

From February 3rd to 7th, the International Fertilizer Association (IFA) welcomed 170 leaders from the... Read more


USGC plan trade strategy

(Posted on 14/02/20)

Members of the U.S. Grains Council (USGC) arrived in Tampa, Fla., for the organization’s winter... Read more


Bühler reports good performance

(Posted on 14/02/20)

In 2019, Bühler delivered good performance at Group level, increasing the EBIT margin to 7.6% (... Read more


Tomakomai CCS demonstration

(Posted on 13/02/20)

The World Coal Association (WCA) have been invited to visit the Tomakomai CCS Demonstration Centre in... Read more


Rusal’s new Japan director

(Posted on 13/02/20)

RUSAL, one of the world’s major producers of aluminium, has appointed Ayumi Murakami as Representative... Read more


Rusal’s eco-friendly investment

(Posted on 02/02/20)

Rusal, one of the world’s largest aluminium producers, has invested approximately 600 million... Read more


Cleveland-Cliffs and AK Steel merger advances

(Posted on 31/01/20)

Cleveland-Cliffs Inc., the largest and oldest independent iron ore mining company in the United States... Read more


First for SSY Futures

(Posted on 31/01/20)

SSY Futures Ltd is pleased to announce that it has arranged the first trade in Mid-Western Aluminium... Read more


CDP recognises ArcelorMittal

(Posted on 31/01/20)

ArcelorMittal has been recognised by CDP for its leadership on corporate transparency and action on... Read more


The Wolfson Centre for Bulk Solids Handling Technology Cleveland Cascades LtdCoaltrans School of Coal Singapore 2020Port of BelleduneCoaltrans MENA 2020TOC Events
  • TOC Events
  • Port of Belledune
  • The Wolfson Centre for Bulk Solids Handling Technology
  • Telestack

Subscribe to our newsletter

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