Blockchain startup Covantis plans to launch an electronic bill of lading (eBL) solution for its users by partnering with SECRO, which provides a DLT-based eBL product.
Founded by the world’s largest agribusiness supplier, Covantis went live in 2021 and focuses on post-trade services for agribusiness.
Covantis’ backers include ADM, Bunge, Cargill, COFCO Corporation, Louis Dreyfus Company, Marubeni, and Viterra (formerly Glencore Agriculture).
The new eBL product has been approved by the insurance network International Group of P&I Clubs. This approval is crucial for shippers as the eBL is an important document that shows ownership of goods in transit. In addition, it also plays an important role in trade finance as banks use it for letters of credit.