Mitsubishi Corporation has launched a blockchain platform to streamline and digitize metal trading via its metals and minerals subsidiary.
Mitsubishi Corporation RtM Japan Ltd, the metals and minerals trading subsidiary of Mitsubishi, has announced the launch of its blockchain platform called ECO, which will streamline and digitize its resource trade.
The blockchain platform ECO has been developed by Mitsubishi in collaboration with Skuchain and is built on the American blockchain firm’s proprietary EC3 platform—designed for finance and supply chain management.
According to the announcement on Aug 10, the blockchain platform named ECO will streamline and automate processes along the metal trade supply chain between Mitsubishi and its counterparties.
At the outset of the launch, Mitsubishi will allow its most valued customers onto the platfrom but will soon expand the ECO integration to cover the majority of its metal trading supply chain.
Takehito Nagashima, General Manager of New Business and DX Office in Mitsubishi Corporation RtM Japan said “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.”
The ECO platform allows trading parties to sign trade documents and upload them on the blockchain’s shared public ledger. Signed documents can be shared with others in real-time without disclosing any sensitive information parties may not want to reveal.
Mitsubishi will be adding more features to the ECO platform in the future to tackle further supply chain challenges in the metal and resource trading industry.
Blockchain Infiltrating Auto Industry
Use cases for blockchain in the auto industry are becoming more common. As recently reported by Blockchain.News, Volvo, the leading Swedish car manufacturer, has invested in a London-based blockchain company majoring in industrial supply chains. It sealed the deal through its venture capital investment arm called the Volvo Cars Tech Fund.
Mercedes-Benz, the German automobile manufacturing giant also reported back in February that they are working in partnership with Circular blockchain to trace automobile gas discharge that is useful to the climate. The blockchain is part of the Startup Autobahn initiative designed to classify cars in the next decade.
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