Covantis Initiative Announces ConsenSys as Lead Technology Partner
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.聽
鈥淭he 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鈥檚 needs,鈥 said Stefano Rettore, independent advisor to the project. 鈥淐onsenSys 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.鈥滳onsenSys will leverage its enterprise-ready blockchain products and services, including ConsenSys Codefi, PegaSys Orchestrate, Kaleido 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.
鈥淭he strength of the Covantis initiative鈥檚 commitment to leverage innovative, best-in-class technologies to transform global trade operations for agricultural commodities is inspiring,鈥 said Joseph Lubin, founder of ConsenSys and co-creator of Ethereum. 鈥淭his 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.鈥
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.聽
Interested parties can learn more about the initiative by visiting www.covantis.io.聽
Media contacts
ADM
Jackie Anderson (USA)
[email protected]
Bunge
Bunge News Bureau
[email protected]
Glencore Agriculture聽
Jane McBride (Australia)
[email protected]
Cargill
April Nelson (USA)
[email protected]
Louis Dreyfus Company
Karen Saddler (Switzerland)
[email protected]
About the Covantis initiative
Covantis is a blockchain initiative focused on modernizing global trade operations. The founding members, ADM (NYSE: ADM), Bunge (NYSE: BG), Cargill, Louis Dreyfus Company and Glencore Agriculture, are jointly developing a platform to make global trade simple, secure and efficient. The initiative aims to bring efficiencies and cost savings to companies throughout the international supply chain.
Note on Forward-Looking Statements
This press release contains 鈥渇orward-looking statements鈥 within the meaning of U.S. federal securities laws, including statements regarding the anticipated development, success and benefits of the proposed digital platform.聽 These statements are made under the 鈥渟afe harbor鈥 provisions of the U.S. Private Securities Litigation Reform Act of 1995.聽 These forward-looking statements can be identified by terminology such as 鈥渨ill鈥 and 鈥渆xpect鈥 and similar statements.聽 Forward-looking statements are not historical facts and involve inherent risks and uncertainties.聽 Several factors could cause actual results to differ materially from those contained in any forward-looking statement, including in this case the risk that the platform may not be successful or fully achieve the objectives of the participants.聽 Further information regarding risks associated with forward-looking statements is included in Bunge Limited鈥檚 and Archer Daniels Midland Company鈥檚 filings with the U.S. Securities and Exchange Commission. All statements herein are made as of the date of this press release, and the participants undertake no obligation to publicly update or revise any forward-looking statement, whether because of new information, future events or otherwise, except as required under applicable law.
