Mitsubishi Corporation RtM Japan Ltd, a subsidiary of Mitsubishi Corporation dedicated to trading metals and minerals, launched the ECO blockchain platform for trading in precious metals.
The platform, developed by Mitsubishi in collaboration with the American blockchain company Skuchain, is built on the EC3 Skuchain platform for blockchain-based management and financing of supply chains.
According to the official announcement, ECO will facilitate trade in metals between counterparties by creating, administering and executing invoices and trade confirmations.
Initially, Mitsubishi will attract only “most valuable customers” to the platform, but it soon plans to expand and implement ECO to cover a larger part of the supply chain.
With the ECO platform, business partners will be able to sign commercial documents and upload them to the blockchain. They can then share the signed documents with others in real time and hide any confidential business information they do not wish to disclose.
The company said it will add additional ECO jobs in the future to address other important supply chain issues in the mineral trading industry.
Mitsubishi Group is active in the blockchain business. Cointelegraph recently revealed that the Mitsubishi UFJ Group, or MUFG, Mitsubishi’s financial subsidiary, is partnering with LayerX to promote digitization for companies and government agencies. It was also reported last month that the financial giant planned to launch its own stable currency.
Earlier this year, the company joined the governing coalition in Singapore with 16 companies to promote the digitalization of blockchain technology trade.