Covantis agriculture blockchain project is now a legal entity registered in Geneva. The agribusiness initiative is supported by ConsenSys and works to bring about reforms in worldwide agricultural supply chain operations. Agricultural blockchain projects are gaining momentum, especially in the developing nations where supply chain bottlenecks cause delays.
Not many large-scale blockchain projects go for formal registration until they are fully established. Covantis had applied and received all regulatory approvals in Geneva. Being compliant with Geneva regulations will surely add to the transparency credentials of the agribusiness blockchain.
Covantis agriculture blockchain to begin trials in May 2020
After registration, the next task in the hands of Covantis team is to carry out field tests. As per official information, trials are scheduled to begin in May 2020. Covantis agriculture blockchain is a collaboration between six companies, namely Archer Daniels Midland (ADM), Bunge, Cargill, COFCO, Louis Dreyfus Company, and Glencore Agriculture.
The development phase of Covantis agriculture blockchain project is currently underway. Users will be bought onboard in May 2020. However, the project has been delayed owing to COVID-19 disruptions. Developers are racing to launch the platform in the third quarter of 2020. It is a convenient time to bring in improvements in the agricultural supply chain as the world faces a crisis due to coronavirus, and the food industry is facing the brunt.
Blockchain crucial to improve agriculture sector
The administrative structure of the platform has also been revealed. DHL veteran Petya Sechanova is the chief executive officer. Stefano Rettore will be an independent advisor. Both are industry veterans and have many years of experience behind them to run such innovative projects.
Covantis agriculture blockchain platform aims to digitize worldwide agri-produce shipping transactions with the help of blockchain technology. Initially, Covantis agriculture blockchain will work on oilseed and grain trade execution processes. After collaborating with ConsenSys in January 2020, the platform decided to focus on global agriculture supply chain improvements.