Breakthrough technology leads the way. Mitsubishi launches the platform for precious metals

The future is behind the blockchain that helps to reduce costs, save time, and facilitate the process of complicated transactions. The most forward-thinking companies understand this and try to implement innovative technologies to simplify trading and introduce digital processes to all spheres of life. One of these companies is Mitsubishi Corp. RtM that launched a new blockchain project named ECO.
The project was developed for in partnership with a blockchain company Skuchain, that offered its EC3platform for that. The main focus is made on supply chain management.
The official press-release says that ECO will alleviate the process of metal trading between the parties through the introduction of the fully digital experience i.e. blockchain-based generation of invoices, their execution, and confirmation. In this way, all participants of the chain get data in a reliable format that doesn’t disclose confidential information for other members of the chain. It enables the effective and independent work of all the actors involved.
Only the biggest players in the market will get access to the service first. However, it is planned to expand the chain and introduce ECO not only for large enterprises but for other customers as well.
Using the platform, the parties will be able to trade faster with higher cost-efficiency. It’s very convenient to use a shared log of transactions thus providing information to the parties in real-time. As it was mentioned already, it also enables to protect the confidential commercial information that shouldn’t be revealed to some members of the chain. It can refer, for instance, to price or sourcing. The technology involved will contribute to the security of such deals.

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