Mitsubishi Corporation’s metals and other minerals trading division has launched a blockchain-based ECO trading platform.
The ECO system was developed by Mitsubishi itself together with the American company Skuchain, which works in the field of blockchain. The EC3 platform was used to provide supply chain management and Finance. It should facilitate transactions for the sale and purchase of metals through a unified system for creating, managing and executing invoices and trade confirmations.
At first, 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 supply chains when trading metals.
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 maintaining the ability to hide information that is a trade secret. In the future, Mitsubishi will continue to add new features to its system.
In Russia, some raw materials companies, including mining metals, are preparing
to launch its own tokenized assets and stablecoins in early 2021.