Covantis also announced that Caramuru and Agrara have joined their blockchain. Photo: Curtis Thornton, Unsplash.
A Covantis, a global blockchain platform launched in Brazil to share commodity export data, announced that in addition to soybeans and corn, it is now including Brazilian soybean meal in the solution. And that also has new Brazilian members of agribusiness in the network – Agraria and Caramuru -, as well as the Dutch Cefetra, which operates in the country.
“Now, trading companies can trade on the platform of the Covantis contractual notices, instructions on documents and others on soybean meal shipments”, according to the statement. The company, which is based in Switzerland, is mapping chains of buyers and sellers that participate in the physical market and in soybean meal contracts.
The platform has the world’s largest grain traders and exporters, such as Cargill and Bunge, and the Brazilian companies Amaggi and the cooperative from Paraná, Coamo. According to the National Association of Cereal Exporters (Anec), the companies that are part of the network represent around 80% of the volumes shipped and chartered for export from Brazil. The country is one of the largest grain exporters in the world.
The network is in use by more than 500 users and 50 institutions around the world, which can have access to the data. There is, however, no sharing of all information between everyone. Only enter those who need to see certain data.
Covantis Blockchain is in Ethereum
The Covantis blockchain operation began testing in 2020 in Brazil, at the port of Santos, for soybean shipments bound for China. This is due to the fact that the export market here is large and there is a lot of bureaucracy and port problems.
Afterwards, companies began to register, monitor shipments and share corn data. In the soy and corn trade, more than 25 thousand emails are generated for each maritime shipment in a year, or more than 275 million per year.
Therefore, the platform solves serious information problems in an industry where paper and emails are still the norm. Covantis’ blockchai is in Ethereum and it was developed by Consensys.
The platform is being used for soy and corn, but the idea is to expand it, in the future, to other commodities as well. The choice of commodities is related to production in Brazil, since the country started testing due to bureaucracy and port issues.