🚜 Digital upgrade for agriculture

GM, GM!

You know how we break down the Web3 use cases every week in 4.3 minutes:

• 😰 The challenge

• 💡 The solution

• 👀 Take away for other industries

Today, we're going to bite big and dive deep into the agricultural business.

😰 The challenge

The agriculture market has a size of over $ 3.5 trillion, Yeah, TRILLION! 🤑 (Statista,2023).

And it still relies heavily on paperwork, phone calls and emails.

In fact, more than 275 million emails are sent to coordinate agricultural bulk commodities. 🤯

This hand-to-hand combat leads to a lot of mistakes, long processes and wrong deliveries.

Currently, there is no industry standard for data exchange or even any kind of interface or connection between the various legacy software (if used).

💡 The solution

Leading agribusiness companies ADM, Bunge, Cargill, COFCO, Louis Dreyfus Company and Viterra formed the Covantis platform.

The goal of this platform is to accelerate and simplify the international movement of goods.

To take the agriculture industry to a higher level of performance, Covantis is beginning to digitize core processes:

• Vessel nomination and string management

• Document instructions

• Third party contracting

• Draft management, document issuance and presentation

• Digitizing B2B communication

The long-term goal is to digitize the entire process of handling international bulk agricultural commodities, from trade confirmation, contract management, third party contracting, drafting and final documents to vessel completion.

Data exchange is the foundation of an end-to-end digital supply chain. But data security and privacy are very important to operators. Therefore, only platform participants can see the data necessary for their transactions.

The basis for this is the Ethereum blockchain. Strictly speaking, the open source solution Quorum from Consensys is used.

The rest of the cloud infrastructure runs on Microsoft Azure.

The platform provides the following features:

• Digitized documents and automated business processes

• Improved document and data security and reliability

• Reduced need for manual data entry and review

• Secure and seamless exchange of information between platform participants

• Real-time visibility of information between platform participants

• Secure and auditable transactions

👀 Take away for other industries

Convantis has no less a goal than to become the industry standard for the agricultural market.

This is no easy task in a globally networked industry.

But it can be done if you have the right companies with a lot of influence and leverage on board.

At first glance, Convantis appears to be doing just that, even if it still has a long way to go.

Here, some of the top players have joined forces to move an entire industry forward.

And that's the only way to make a difference in your industry. Co-creation under a common vision and platform.

Speaking of agricultural goods like corn, soy or wheat, what’s your favorite cereal?

Nowadays I only eat oatmeal with fruit.

But Honey Loops bring back memories of my childhood. 🐝 😃

Have a great week until the next issue!

Florian

Oh wait, I have one more request:

If you like the newsletter, forward it to a good friend, thanks! 🙏