Skuchain, a US-based blockchain company, has collaborated with Mitsubishi Corporation RtM Japan, the metals and mining trading subsidiary of Mitsubishi, to start the ECO platform for expensive metals trading. Powered by Skuchain’s proprietary EC3 platform for blockchain-based SCM and finance, ECO supports trade by managing, generating, and administering invoices and confirmations between counterparties.
Mitsubishi is the owner of the network and will make its largest consumers as initial members, with ideas to expand more in-depth into the supply chain. Characteristics will be attached to ECO regularly, retaining the platform up to date, the companies state.
With ECO, parties can take documents utilized in trade transactions, like invoices and confirmations, and utilize them to engage them digitally, collecting the signed documents on the blockchain. Those documents can then be shared with appropriate counterparties. When doing so, it is also likely to conceal specific fields that need to remain confidential.
“One thing that we’ve been pushing is using a newer global standard called the DLPC to represent payment commitments on the blockchain – that opens up opportunities for financing. At the most fundamental level, the DLPC ensures transaction interoperability between blockchain networks and replaces many old and expensive trade instruments. More will come on this shortly,” Rebecca Liao, Skuchain’s co-founder, and COO said in a statement.
Also, read – Blockchain can be used to bring digital assets into the workplace
Although financing will not be handled on the ECO platform right now, Skuchain views many opportunities in allowing this functionality. “We’re starting to see a lot of expansion in supply chain finance. The enterprises that we work with recognize that there are even more possibilities, executing deep-tier financing, for instance.”
Stay informed with daily updates from Blockchain Magazine on Google News. Click here to follow us and mark as favorite: [Blockchain Magazine on Google News].
Disclaimer: Any post shared by a third-party agency are sponsored and Blockchain Magazine has no views on any such posts. The views and opinions expressed in this post are those of the clients and do not necessarily reflect the official policy or position of Blockchain Magazine. The information provided in this post is for informational purposes only and should not be considered as financial, investment, or professional advice. Blockchain Magazine does not endorse or promote any specific products, services, or companies mentioned in this posts. Readers are encouraged to conduct their own research and consult with a qualified professional before making any financial decisions.
About the Author: Editor's Desk
