Skuchain, a US-based blockchain company, has partnered with Mitsubishi to launch the ECO platform for precious metals trading. Skuchain, Inc. announced on Monday the introduction of the ECO system for precious metals trading, a joint project with Mitsubishi Corporation RtM Japan Ltd., the minerals trading subsidiary of Mitsubishi Corporation. ECO is powered by Skuchain’s proprietary EC3 platform for blockchain-based supply chain management and finance. Mitsubishi Corporation RtM Japan Ltd. will extend ECO to their larger supply chain ecosystem from some of their most valuable customers.
All transactions are digital
Since all transactions are processed digitally, including the required seals and signatures, trade execution becomes much more efficient and can be done anywhere. ECO started right at the point when international trade is urgently looking for ways to innovate and avoid disruption from external issues. ECO facilitates the review of trades by creating, managing and executing invoices and confirmations between counterparties. In the precious metals industry, suppliers, dealers and customers independently manage information about transactions and raw materials. The aim of ECO is to securely exchange this information between the players in the industry and to eliminate redundant processes.
Mitsubishi’s ECO is an important milestone
Mitsubishi owns the network and will bring its largest customers as first-time members with plans to expand deeper into the supply chain. New functions will be added to ECO on a regular basis to keep the platform up to date, according to the companies.
“Anyone who participates in a node on the network can see the rules according to which their data is shared with others,” explains Rebecca Liao, co-founder and COO of Skuchain. “Whenever someone wants to change these rules, they can go straight to their node and change these settings.”