GENEVA, Dec. 4 (Xinhua) -- An international joint agribusiness block-chain initiative has been named "Covantis", the Geneva-based Chinese food and agricultural trading giant COFCO International said Wednesday.
COFCO International told Xinhua that the founding members of the initiative have agreed on the name and launched a new website -- www.covantis.io -- for it.
The new website is to explain the initiative's vision to connect the agri-industry via an independent and trusted digital platform enabling post-trade efficiency for all participants.
Covantis will also be the name of the digital platform now in development and expected to launch in 2020 subject to regulatory approvals, COFCO International said.
According to the company, Covantis is a block-chain initiative focused on modernizing global trade operations.
The founding members of the initiative include COFCO International and other major players in the agri-industry like Archer Daniels Midland Company (ADM), Bunge (BG), Cargill, Louis Dreyfus Company, and Glencore Agriculture.