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National & World Ag News Headlines
Bunge, Cargill Form Covantis to Track Brazilian Grain Movement
USAgNet - 10/20/2020

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.

According to CoinTelegraph.com, the unprecedented project foresees the exchange of information between all members of Covantis, which also includes the participation of other agribusiness giants such as the French Louis Dreyfus Company (LDC), the Chinese state-owned company Cofco International and the Dutch multinational Glencore Agriculture.

Together the companies that make up Covantis move around 550 million tons of grains and oilseeds every year.

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.

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