Covantis, a blockchain agribusiness initiative backed by major industry company ConsenSys, has taken another step towards transforming global trade and supply chain operations. Backed by global agribusiness giants like Cargill and Bunge, Covantis has been officially established as a legal entity in Geneva after receiving all necessary regulatory approval. First tests are expected to be carried out in May 2020 According to a March 31 announcement, the company is the joint initiative of six founding members: Archer Daniels Midland (ADM), Bunge, Cargill, COFCO, Louis Dreyfus Company and Glencore Agriculture. While Covantis’s legal entity has been established, the blockchain platform is …
Swiss food technology giant Bühler introduced two food safety products that can potentially integrate blockchain at the Microsoft booth at the Hannover Messe industrial event in Germany on April 1. The company reported the news in a press release published the same day. The so-called “blockchain-ready” products presented by the company are a tool aiming to reduce microbial contamination in dry goods, dubbed Laatu, and Tubex Pro, a scale system that self-optimizes and produces a constant flow of production data. Both solutions are connected to the Bühler Insights Internet of Things service, hosted on the Microsoft Azure cloud platform. The …
A group of major global banks, trading firms, and a leading energy company have launched a joint venture that will oversee a new blockchain-based platform for financing the trading of commodities, Reuters reports September 19. The Swiss-based venture, dubbed komgo SA, has been established by a host of international financing, trading, and production institutions that include ABN AMRO, BNP Paribas, Citi, Credit Agricole Group, Gunvor, ING, Koch Supply & Trading, Macquarie, Mercuria, MUFG Bank, Natixis, Rabobank, Shell, SGS, and Societe Generale. The venture will digitalize trade and commodities finance processes through a blockchain-based open platform, and has been developed in …
A group claiming to represent 35 former ConsenSys AG (CAG) employees has requested an audit under the Swiss Code of Obligations to investigate “serious irregularities” they allege occurred at the company during mid-2020. CAG, also known as Mesh, is the company behind top Ethereum-based wallet provider MetaMask and was founded by Joseph Lubin, who is also the co-founder of Ethereum. According to a press release, the group of employees who claim to represent around 50% of all known shareholders submitted the request to a Swiss Court on March 1. The group alleged that “fundamental intellectual property and subsidiaries were illegally …
A recent report from the Ethereum Enterprise Alliance (EEA) highlights how the Ethereum ecosystem has matured to a point where the network can be used by businesses to solve real-world problems. From supply chain management use cases to payment solutions utilized by companies like Visa and PayPal, the report demonstrates how the Ethereum network has grown to become one of the most valued public blockchains. Although notable, the EEA report also points out that the rapid growth of the Ethereum ecosystem has created a number of challenges for companies, specifically regarding energy consumption, scalability and privacy. For example, the document …