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Covantis launching blockchain system in Brazil

A major joint venture of blockchain technology in the ag sector is underway in Brazil.

Five of the world’s largest grain and oilseed companies, including Bunge and Cargill, were approved this spring to launch Covantis, a digital trading platform.

The companies that make up Covantis move about 550 Million tons of grains and oilseeds a year. Officials says blockchain will replace their main form of communication – email – making transactions more efficient, timely and less expensive.

Covantis plans to launch its blockchain platform in Argentina and the U.S. next.