Mitsubishi Corporation RtM Japan Ltd, a subsidiary company for metals and minerals trading of Mitsubishi Corporation, has rolled out the blockchain platform ECO for the trade of precious metals.
The platform, which is created by Mitsubishi in cooperation with US blockchain company Skuchain, is built on the EC3 Skuchain platform for the management of supply chains that are based on blockchain.
According to the officially released statement, ECO will be used to facilitate the trading of metals between partners by creating, helping to manage, and process invoices and trade confirmations.
Mitsubishi will initially only attract its large customers to the platform, but soon plans to extend and introduce ECO to other customers to cover a bigger part of its supply chain system.
By utilizing the ECO platform, trading partners can verify documents or agreements and put them to the blockchain. They can also exchange documents with each other in real-time and still protect any sensitive commercial information they do not want to disclose.
The company said it will add additional functionalities to ECO in the future to cover other important supply chain issues in the industry of metals trading.
Mitsubishi Group is active in the blockchain sector. Recently, the media reported that Mitsubishi UFJ Group (MUFG) has announced its desire to launch its own stablecoin.
