Mitsubishi Corporation RtM Japan Ltd., the metal and minerals resource trading subsidiary of Mitsubishi International Corporation has recently launched a platform based on Blockchain named ECO for the trading of precious metals. Mitsubishi partnered with Skuchain, an American blockchain firm, to develop this platform.
ECO platform is established on Skuchain’s EC3 platform for finance and supply chain management that is based on Blockchain.
ECO would ensure managing and administering invoices and confirmations of trade, ultimately smoothening the metal trades between parties. Initially, Mitsubishi plans to implement this approach to its selected few customers and gradually target a bigger portion of its supply chain.
The trading parties would now be in a position to upload those trade documents on the Blockchain and share them with others in real-time. They could also conceal any sensitive information that they don’t want to disclose.
The company is striving to add more features to ECO to solve other critical challenges related to metal trading industry and supply chains.
The Mitsubishi Corporation was also a part of Singapore government’s 16- company alliance to steer digitization of trade with the application of Blockchain technology. It has been dynamic in the blockchain space and reportedly, may even launch its own stablecoin.
ECO proves to be an essential breakthrough for Mitsubishi’s leadership to offer industries innovative solutions.