Mitsubishi Corporation RtM Japan Ltd, the metals and minerals resource trading subsidiary of Mitsubishi Corporation, has launched a blockchain platform “ECO” to digitize metal trades.
In partnership with the American blockchain company Skuchain, developed by Mitsubishi, the platform is built on top of Skuchain’s EC3 platform for blockchain-based supply chain management and finance.
It has been reported that ECO will ease metal trades between counterparties by generating, managing, and executing invoices and trade confirmations.
However, for the start, Mitsubishi will only bring its “most valued customers” on the platform but it plans to soon expand and implement ECO to cover a wider portion of its supply chain system.
Mitsubishi aims to digitize metal trades through its new blockchain platform ECO https://t.co/7wq27fjWzV — Cointelegraph (@Cointelegraph) August 11, 2020
By using the ECO platform, trading parties will be able to sign trade documents and upload them on the blockchain, as they can share the signed documents with others in real-time and hide any commercially sensitive information that they do not want to reveal.
The company said that it will be adding more features to ECO in the future to solve other crucial supply chain challenges in the metal trading industry.
As per the report, Mitsubishi Group has been proactive in the blockchain space. Mitsubishi’s financial subsidiary Mitsubishi UFJ Group (MUFG) was collaborating with LayerX to promote digitization for companies and government agencies.
Thus, it was also reported last month that the financial giant is planning to launch its own stablecoin.
Source: Cointelegraph | Image: The Straits Times