Blockchain startup Covantis plans to launch an electronic bill of lading (eBL) solution for its users through a partnership with SECRO, which provides a distributed ledger (DLT)-based eBL product.
Founded by the world’s largest agribusiness supplier, Covantis launched in 2021 with a focus 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 showing ownership of goods in transit. It also plays an important role in trade finance as banks use it for letters of credit.