Finance & Economics

Mitsubishi partnered blockchain firm to launch metal trading platform

The minerals trading subsidiary of Mitshubishi found the way to digitize metal trade

Mitsubishi

Mitsubishi partnered blockchain firm to launch metal trading platform. Source: shutterstock.com

Mitsubishi has teamed up with US company Skuchain to launch the ECO blockchain platform for precious metals trading.

The platform is powered by Skuchain’s proprietary EC3 Platform for blockchain-based supply chain management and finance.

ECO will ease metal trades between counterparties by generating, managing, and executing invoices and confirmations. Besides, ECO aims to securely share this information among industry players and eliminate redundant operations.

ECO is an entirely new challenge for us to create a digital network shared directly with our customers. Trade verification is the just first step and we will optimize ECO as a channel with customers. We are pleased to be able to provide a new technology solution to our customers through ECO
Takehito Nagashima, General Manager of New Business and DX Office in Mitsubishi Corporation RtM Japan

Since all transactions are digital, including necessary seals and wet-ink signatures, trade execution becomes far more efficient and can be done anywhere.

We’ve reported that OMC Group, the blockchain arm of AIO Synergy Holdings Berhad, has launched tradable blockchain game Omni Pets. The game is using the ERC-721 open standard based on the Ethereum protocol that allows the creation of non-fungible unique tokens.

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