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Covantis blockchain initiative approved

The world’s six largest grain companies have gotten approval to launch a digital trading platform that will use blockchain technology.

The co-founders of the new Covantis are ADM, Bunge, Cargill, Louis Dreyfus Company – along with Glencore Agriculture of the Netherlands and COFCO of China.

The Covantis website says bulk shipment is “bogged down” by old ways of doing things and their new way will modernize global trade to “meet today’s realities with greater efficiency and transparency.”