One of Mitsubishi's subsidiaries has developed a blockchain platform to convert metal merchandise into digital form.
The blockchain system was created by Mitsubishi in collaboration with Skuchain, a blockchain firm based in America. The system is set up on Skuchain's medium for blockchain.
The platform will be used to advance and improve metal transactions between all parties by creating, handling, and administering accounts and business confirmations.
Firstly, the platform will only be available to the company's most important clients; however, Mitsubishi aims to develop, expand and execute the platform (ECO) to reach a broad section of its supply chain.
Utilizing the platform will allow business parties to sign business forms and put them on the blockchain. The signed forms can then be distributed to other parties in real-time, and sensitive business information that cannot be disclosed can be hidden.
The firm also stated that it would include more features to the ECO platform later to resolve vital supply chain problems in the metal business industry.
Source: Cointelegraph
