SUNNYVALE, Calif., Aug. 10, 2020 /PRNewswire/ -- Skuchain, Inc. announced today the launch 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. From a base of some of their most valued customers, Mitsubishi Corporation RtM Japan will expand ECO to their wider supply chain ecosystem.
ECO facilitates trade verification by generating, managing and executing invoices and confirmations between counterparties. In the precious metals industry, suppliers, traders and customers manage information about transactions and commodities independently. ECO aims to securely share this information among industry players and eliminate redundant operations. Because entire transactions are digital, including necessary seals and wet-ink signatures, trade execution becomes far more efficient and can be done anywhere. ECO has launched just as international trade is urgently finding ways to innovate and avoid disruption from external shocks, such as the COVID-19 pandemic.
ECO will add features on a regular basis to solve the most pressing trade and supply chain pain points of companies in the industry. As ECO's functionality expands and more data is shared on the blockchain, Skuchain's technology for data sharing with field-level encryption will allow counterparties to distribute their data while maintaining granular privacy control over commercially sensitive information.
ECO is an important milestone in Mitsubishi Corporation RtM Japan's leadership in offering the industry's cutting-edge solutions. Skuchain is honored to be Mitsubishi Corporation RtM Japan's blockchain partner on this journey.
Quote from Skuchain
"ECO represents a major breakthrough in the use of blockchain for high-value enterprise transactions. It took a company of Mitsubishi Corporation RtM Japan's vision, determination and scale to bring such a platform to fruition. We are eager to see our EC3 Platform help transform their business and support their long-term commercial ambitions." Srinivasan Sriram, Founder and CEO of Skuchain
Quote from Mitsubishi Corporation RtM Japan
"ECO is an entirely new challenge for us to create a digital network shared directly with our customers. Trade verification is the just first step and we will optimize ECO as a channel with customers. We are pleased to be able to provide a new technology solution to our customers through ECO." Takehito Nagashima, General Manager of New Business and DX Office in Mitsubishi Corporation RtM Japan
About Skuchain, Inc.
Skuchain is the blockchain company behind the liquid supply chain. Its EC3 Platform powers value chains that leverage data and capital to achieve optimal resilience and flexibility. Skuchain's solutions have been adopted across mining and minerals, food and agriculture, electronics, auto and finance in Asia, Europe and the US. Learn more at www.skuchain.com.
About Mitsubishi Corporation RtM Japan
Mitsubishi Corporation RtM Japan, a Subsidiary of Mitsubishi Corporation, is a metals and mineral resources trading company that deals in a wide spectrum of general metal resources and materials, including ferrous raw materials and non-ferrous metals.