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US Agribusiness joined Blockchain Venture in Brazil

One sector where blockchain technology Agricultural, and is steadily harnessed to improve the business operations in the operations in the farms.

Some agribusiness companies are now using technology today to boost the food supply of chain tracking as well. Nowadays, several companies in the agricultural sector have collaborated to modernize the grain tracing and other operations in Brazil.

Agribusinesses ally on blockchain

The consortium that was involves two US agribusiness – Bunfe and Cargill – that deal on grains and oilseeds. Along with other companies that were involved in the venture, as a Dutch multinational Glencore Agriculture, Louis Dreyfus Company (LDC), etc., they agribusiness the plans to improve and digitize the operations for grains and oilseeds in Brazil with the blockchain.

This was explained by Petya Sechanove, Covantis’ CEO, which is the name of the newly formed consortium. The report says that the agribusinesses that are participating in Covantis facilitate over 550M tons of grains and oilseeds every year. But, the market operation in Brazil is involved, which is why the joint venture is mostly intended at the country.

Blockchain for Agriculture

With the blockchain technology, most of the manual process of the grains and oilseeds transaction will then be digitized, therefore allowing easy sharing of information among the participating agribusinesses. Given the blockchain property, the data is secured and protected against frauds. After Brazil, Covantis will then focus on modifying the agricultural sector of some countries using the blockchains, like US and Argentina.

It was reported recently that Argentina’s Rolar de Cuyo had partnered with IBM Food Trust, to boost the supply the chain tracing of its products from the cultivation stage to the market. With this way, Rolar de Cuyo is looking to ensure the trust and transparency for the country-made olive oil. Adding to this, the Norwegian Seafood Association (NSA) has joined the IBM Blockchain network to revive the country’s salmon manufacture.

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