Aug 11, 2020 14:23 UTC
Aug 11, 2020 at 15:13 UTC
Mitsubishi Inaugurates Blockchain Platform for Metal Trading
The metals & minerals subsidiary of Mitsubishi has tossed a blockchain platform for digitizing metal trades. The metals & minerals resource trading subsidiary of Mitsubishi Corporation, Mitsubishi Corporation RtM Japan Ltd, has stirred a blockchain platform termed ECO for valuable metals trading. Advanced by Mitsubishi in partnership with the American blockchain company Skuchain, the platform is built on top of Skuchain’s EC3 stand for blockchain-based supply-chain mgmt. & finance.
Conferring to the official proclamation, ECO will ease metal trades between counterparties by generating, managing & executing invoices & trade authorizations. For the twitch, Mitsubishi will individually bring its “most valued customers” on the platform. Still, it campaigns to expand soon & contrivance ECO to cover a broader share of its supply-chain systems.
Consuming the ECO platform, trading parties will be able to sign trade documents & upload them on the blockchain. They can, at that time, share the signed documents with others in real-time & hide in the least commercially sensitive info that they do not want to reveal. The company held it would be adding more features to ECO in the future to solve other crucial supply chain challenges in the metal trading industry.
Mitsubishi Group has been proactive in the blockchain space. It is recently reported that Mitsubishi’s financial subsidiary Mitsubishi UFJ Group, or MUFG, was collaborating with LayerX to promote digitization for companies & government agencies. It was also informed the previous month that the financial giant is scheduling to launch its stablecoin. Earlier this year, the company was encompassed in the Singapore government’s 16-company alliance to drive trade digitization through the usage of blockchain technology.