American blockchain company, Skuchain Inc. announced the launch of a blockchain platform, ECO which is a system for precious metals trading. The 10th of August announcement revealed the development of the project is in partnership with Mitsubishi Corporation Rtm Japan Ltd, the mineral trading subsidiary of Mitsubishi Corporation. The announcement also revealed that ECO is powered by Skuchain’s EC3 platform for blockchain-based supply chain management and finance.
Referring to the functions of ECO, the announcement said:
“ECO facilitates trade verification by generating, managing and executing invoices and confirmations between counterparties.”
Mentioning further plans, Mitsubishi Corporation RtM Japan will render ECO system services to some of the company’s “most valued customers.” There are also plans to expand ECO to a wider supply chain system.
Furthermore, the announcement showed future plans for ECO. Mitsuibishi said ECO will include more features on a later date. The new development is aimed at proffering solutions in the metal trading industry.
Mitsubishi Group is not new to the blockchain industry. In January, a press release shared with Cointelegraph revealed that the government of Singapore, along with 16 other companies, have partnered to accelerate the promotion of digitizing international trade.
Also in July, Cointelegraph reported that the financial subsidiary of Mitsubishi, Mitsubishi UFJ Group, is working to promote digitization for companies and government agencies. Also, Hironori Kamazewa, the president of Mitsubishi UFJ Financial Group, announced the company’s plans to start its own digital coin in the second half of 2020.
Last year, Mitsubishi and several other Japanese manufacturers collaborated to share data via blockchain.
Image Credits: Pixabay
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