Mitsubishi Corporation RtM Japan Ltd., the minerals trading subsidiary of Mitsubishi Corporation, has partnered with a blockchain company to launch a precious metal trading platform. The platform, called ECO, is based on Skuchain EC3, a blockchain platform focused on supply chain management and finance.
Blockchain For Reliable Information Sharing
ECO platform generates, manages, and executes invoices and confirmation for involved parties in supply chains. The precious metals industry is one of those that needs information and verification as accurately as possible. Currently, each involved entity in the process, including suppliers, traders, ad customers, manage the data independently. Using ECO, this information will be shared among all the actors in the industry in a reliable format.
Mitsubishi tries to offer a fully digital experience for people working in the precious metal industry. All of the operation, even the necessary seals and wet-ink signatures, will become digital when using ECO. This innovative solution is among the international trade industry’s latest efforts to find practical solutions resistant to global crisis like COVID-19.
Skuchain can surely benefit from the recent partnership with Mitsubishi. If ECO becomes successful in the target industry, maybe more big names will come and use their blockchain.
“ECO represents a major breakthrough in the use of blockchain for high-value enterprise transactions. It took a company of Mitsubishi Corporation RtM Japan’s vision, determination, and scale to bring such a platform to fruition. We are eager to see our EC3 Platform help transform their business and support their long-term commercial ambitions.” said Srinivasan Sriram, Founder and CEO of Skuchain.
ECO is in initial states, and the collaborating companies will add new features to it in the coming months. Skuchain claims the underlying technology can provide a higher-level distribution mechanism for users.
Mitsubishi plans to offer the ECO platform as a channel to customers.
“ECO is an entirely new challenge for us to create a digital network shared directly with our customers. Trade verification is the just first step and we will optimize ECO as a channel with customers. We are pleased to be able to provide a new technology solution to our customers through ECO.” said Takehito Nagashima, General Manager of New Business and DX Office in Mitsubishi Corporation RtM Japan.
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