August 10, 2020 (Sunnyvale, CA) – 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.
Srinivasan Sriram, Founder and CEO of Skuchain said:
“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.”
Rebecca Liao, Co-Founder and COO, Skuchain added:
“Mitsubishi Corporation RtM Japan sits at the heart of supply chains that use precious metals. They are therefore in a unique position to understand the value of blockchain for solving true business pain points in trade, over and above mere digitization. From day one, ECO leverages Skuchain’s unique technology for secure data sharing to facilitate trade settlement with some of Mitsubishi Corporation RtM Japan’s largest customers. From there, the ecosystem can leverage the data, encrypted at the field level to maintain counterparty privacy, for new financial opportunities. We’re honored to be their technology partner for that growth.”
Takehito Nagashima, General Manager of New Business and DX Office in Mitsubishi Corporation RtM Japan said:
“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.”