Skuchain and Mitsubishi Launch Blockchain Platform ECO for Metals and Mining
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 it 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.
This year, Skuchain partnered with Japanese tech giant NTT Data to build a separate platform for supply chain and logistics management. In March, the company established cross-blockchain interoperability in trade finance by linking together the EC3 platform with Corda, in the first example of the Bankers Association for Finance and Trade (Baft) distributed ledger payment commitment (DLPC).
“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.
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.”