Blockchain

Mitsubishi launches blockchain platform for metals trading

Mitsubishi Corporation’s Metals and Mineral Trading Division has launched the ECO blockchain trading platform.

The ECO system was developed by Mitsubishi itself together with the American blockchain company Skuchain. The EC3 platform was used to provide supply chain management and financing. It should facilitate the execution of transactions for the sale and purchase of metals through a unified system for creating, managing and executing invoices and trade confirmations.

Initially, Mitsubishi Corporation RtM Japan plans to connect only the “most trusted customers” to the ECO platform, but later the system should cover most of the metal trading supply chains.

On the ECO platform, users will be able to create and sign trade documents and upload them to the blockchain. After that, they will be able to share documents with other participants in the transaction in real time, while retaining the ability to hide information that is a trade secret. Mitsubishi will continue to add new features to its system in the future.

In Russia, some commodity companies, including mining metals, are preparing to launch their own tokenized assets and stablecoins in early 2021.

About author

Experienced Founder with a demonstrated history of working in the newspapers industry. Skilled in Data Research, Management, Investment Research, Teamwork, and Leadership. Influencing the technology, people, and technical analysis of the Cryptocurrency and Blockchain world.
Related posts
Blockchain

Tata Power-DDL uses Power Ledger’s blockchain-enabled technology to facilitate peer-to-peer (P2P) trading of electricity

Blockchain

State Bank of India has tied up with JPMorgan to use the US bank’s blockchain technology to speed up overseas transactions.

Blockchain

UK Department of Health Tracks COVID-19 Vaccine Possession Using Blockchain

BlockchainIOTA

Frankfurt Airport Uses IOTA-Based Solution to Check Coronavirus Tests

Sign up for our newsletter and stay informed

0 0 vote
Page Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
USD
0
Would love your thoughts, please comment.x
()
x