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Agriculture Giants Team Up On Blockchain Platform To Track Grains In Brazil
Summary: The world's largest grains and oilseeds companies, American giants Bunge and Cargill, have joined together to create the joint venture Covantis, which will use blockchain technology in the agricultural sector in Brazil. The goal of the partnership is to unify the sector's data and facilitate communication between all participants, improving the logistics processes at the ...
The world's largest grains and oilseeds companies, American giants Bunge and Cargill, have joined together to create the joint venture Covantis, which will use blockchain technology in the agricultural sector in Brazil.
The goal of the partnership is to unify the sector's data and facilitate communication between all participants, improving the logistics processes at the ports, among other things, all using blockchain. The official platform is expected to be launched next year.
Companies negotiate around 500 thousand contracts for purchase and sale each year in Brazil and the first tests for the platform were carried out at the Port of Santos between July and August this year and involved 11 companies, including trading companies, originators and grain producers. Covantis CEO Petya Sechanova said:"Covantis should become the leader of operations in our sector and will be able to streamline processes, modernize and digitize them."
By Amy Liu
Tags: agricultural,Blockchain,Brazil
Link: Agriculture Giants Team Up On Blockchain Platform To Track Grains In Brazil [Copy]
