Covantis Platform for Global Agricultural Trade
Sector: Tertiary sector · Industry: Wholesale · Organisation: Covantis · Maturity level: Production
The Covantis platform digitalizes global agricultural trade through blockchain technology, replacing paper-based processes with secure electronic document handling. Since its launch in February 2021, over 5 million tons of grain and oilseeds have been transported on 80 ships using electronic bills of lading. The platform now connects 75 trading companies, 12 agents, and 69 ship owners in a global network with over 500 users.
Documentation status
- Project status: Production
- Evidence: Evidence high
- Editorial review: Ufuk Avci, 15 April 2026
Description
Covantis was launched in 2018 as an initiative by the world’s largest agricultural trading houses: ADM, Bunge, Cargill, COFCO, Louis Dreyfus Company and Viterra (formerly Glencore Agriculture). Incorporated as Covantis S.A. in Geneva, March 2020; CEO: Petya Sechanova (previously 10+ years at Cargill Trade Execution Geneva). Technology: ConsenSys Quorum (Enterprise Ethereum), Microsoft Azure Cloud, Cognizant. Live launch: 25 February 2021.
The global agricultural commodity trade is one of the last major industry segments with paper-based post-trade processing. More than 275 million emails are exchanged annually to handle around 11,000 worldwide bulk ship shipments. Documents are physically sent by courier and manually entered multiple times into different systems. COVID-19 exposed weaknesses: physical document deliveries became impossible. Covantis solves this through a shared blockchain platform: after trade conclusion, all post-trade processes are digitised — freight documents, bills of lading, customs papers, quarantine certificates — on a shared, blockchain-secured system. Result after 3 months of operation (May 2021): 45 legal entities, 500+ users, 16 agricultural groups. Expansion to 18 companies including AMAGGI, CHS, Coamo, Gavilon, Marubeni, Nova Agri, Olam, Zen-Noh Grain. Milestone: 5 million tonnes handled via electronic bills of lading (eB/Ls).
Perspectives
B2B — organisations perspective
Grain traders, ship charter companies and importers can handle post-trade processes for bulk shipments of maize and soybeans entirely digitally via Covantis — without paper documents, without email chaos, with real-time visibility for all parties involved.
B2C — consumers perspective
End consumers indirectly benefit from increased transparency and traceability of their food, as the platform enables seamless documentation of the supply chain. However, the direct impact on consumers is limited, as the platform primarily optimises B2B processes.
Employees perspective
Employees in trading companies can free themselves from time-consuming manual document processing and focus on value-adding activities such as customer service and strategic analysis. However, the digital platform requires new skills in handling blockchain technology and digital trading processes.
Benefits
General
- The platform significantly reduces costs and processing times by automating trading processes.
- Increased transparency and traceability strengthen trust among all parties in the supply chain.
- Minimising errors through digital processes improves the efficiency of the entire agricultural trade.
B2B — organisations
- Companies can process trades more efficiently and benefit from improved risk management through transparent documentation.
Employees
- Employees are freed from repetitive manual tasks and can focus on strategically important activities.
Challenges
General
- Adoption in the traditional agricultural sector is slow, as electronic bills of lading currently account for only 1-3% of global trade volume.
- Integration into existing IT systems of various trading partners requires significant technical coordination and resources.
B2B — organisations
- Companies must invest in new technologies and train their employees to use the blockchain platform.
Employees
- Employees must acquire new digital skills and move away from familiar paper-based processes.
Technology foundation
The Covantis platform uses a blockchain-based infrastructure in partnership with ConsenSys and Microsoft Azure Cloud to create secure and immutable trade records. This technology enables the digital management of trade documents and their automatic release once payments have been made, thereby strengthening trust between unknown trading partners.
Implementation examples
First fully digital custody transaction with Rabobank
Rabobank wanted to improve the efficiency and security of trade finance in the agricultural sector while minimising the risk of fraud in document handling. The bank sought a digital solution that strengthens trust between unknown trading partners while meeting compliance requirements.
Rabobank conducted the first fully digital cash-against-documents custody transaction via the Covantis platform.
In November 2025, Rabobank, in collaboration with Covantis, completed the first fully digital cash-against-documents custody transaction, where electronic bills of lading were automatically released upon receipt of payment. This transaction demonstrated the functionality of the blockchain platform for complex financing deals in agricultural trade. The secure electronic custody of bills of lading with automatic release eliminated the risk of manual errors and significantly reduced processing time.
The traditional paper-based processing of custody transactions was time-consuming, prone to errors, and offered little transparency for all parties involved. The blockchain solution eliminated these weaknesses through automated, immutable document custody and release.
Tags
Blockchain, Agricultural trade, Digitalisation, Supply chain, Bills of lading, B2B platform, Transparency