Mitsubishi launches blockchain platform for metals trading

Mitsubishi Corporation’s Metals and Mineral Trading Division has launched the ECO blockchain trading platform.

The ECO system was developed by Mitsubishi itself together with the American blockchain company Skuchain. The EC3 platform was used to provide supply chain management and financing. It should facilitate the execution of transactions for the sale and purchase of metals through a unified system for creating, managing and executing invoices and trade confirmations.

Initially, 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 metal trading supply chains.

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 retaining the ability to hide information that is a trade secret. Mitsubishi will continue to add new features to its system in the future.

In Russia, some commodity companies, including mining metals, are preparing to launch their own tokenized assets and stablecoins in early 2021.

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