Covantis Launches Blockchain-based eBL Solution for Agribusiness
Covantis, a blockchain-powered startup backed by major agribusiness providers, is set to launch an electronic bill of lading (eBL) solution. The company, which went live in 2021, is partnering with SECRO for this initiative, focusing on post-trade solutions for the agribusiness sector.
Covantis, founded by ADM, Bunge, Cargill, COFCO Corporation, Louis Dreyfus Company, Marubeni, and Viterra, aims to streamline trade processes. The eBL solution, developed in collaboration with SECRO, will use distributed ledger technology (DLT) to enhance efficiency and security.
The eBL platform will digitize traditional paper-based bills of lading, reducing manual processes and enhancing transparency. This move aligns with Covantis' goal to modernize the agribusiness sector by leveraging innovative technology.
Covantis' partnership with SECRO for the eBL solution is expected to bring significant improvements to the agribusiness sector. The DLT-based system will enhance security, transparency, and efficiency in trade processes. The collaboration, supported by major agribusiness providers, signals a commitment to embracing digital transformation.
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