The subsidiary for trading in metals and natural resources of Mitsubishi Corporation, Mitsubishi Corporation RtM Japan Ltd, has launched a blockchain platform called ECO for precious metals trading.
Developed by Mitsubishi in collaboration with the American blockchain company Skuchain. The platform is based on Skuchain’s EC3 platform for blockchain-based finance and supply chain management.
According to the official announcement, ECO will facilitate the trading of metals between counterparties by creating, managing and executing invoices and commercial confirmations.
To get started Mitsubishi will only bring its “most valuable customers” to the platformHowever, it is planned to expand and roll out ECO soon to cover a wider part of its supply chain system.
Using the ECO platform, Business partners can sign business documents and upload them to the blockchain. You can then share the signed documents in real time and with others Hide any commercially sensitive information you don’t want to divulge.
That’s what the company said will add further functions to ECO in the future in order to solve other important challenges of the supply chain in the metal trading industry.
The Mitsubishi Group has been proactive in the blockchain space. Cointelegraph recently reported that Mitsubishi’s financial subsidiary, Mitsubishi UFJ Group (MUFG) worked with LayerX to drive digitization for businesses and government agencies. It was also reported last month that The financial giant is planning to introduce its own stable coin.
At the beginning of this year The company has joined the alliance of 16 Singapore government companies to advance the digitization of commerce through the use of blockchain technology.