The metals and minerals subsidiary of Mitsubishi has launched a blockchain platform to digitize metal trades.
The metals and minerals resource trading subsidiary of Mitsubishi Corporation, Mitsubishi Corporation RtM Japan Ltd, has launched a blockchain platform named ECO for precious metals trading.
Developed by Mitsubishi in partnership with the American blockchain company Skuchain, the platform is built on top of Skuchain’s EC3 platform for blockchain-based supply chain management and finance.
According to the official announcement, ECO will ease metal trades between counterparties by generating, managing and executing invoices and trade confirmations.
For the start, Mitsubishi will only bring its “most valued customers” on the platform but it plans to soon expand and implement ECO to cover a wider portion of its supply chain system.
Using the ECO platform, trading parties will be able to sign trade documents and upload them on the blockchain.