Skuchain, Inc., the self-described “blockchain company behind the liquid supply chain,” has revealed the launch of what it calls an ECO system for trading precious metals, according to a press release from the group.
Interestingly, this is being done in partnership with a subsidiary from the car company Mitsubishi Corporation RtM Japan Ltd, the release states. ECO will be powered by Skuchain’s unique EC3 Platform for supply chain management, and will be spreading this offering to other users as well.
“ECO facilitates trade verification by generating, managing and executing invoices and confirmations between counterparties,” the release notes. That information will then be distributed among those in the industry.
“Because entire transactions are digital,” the release continues, “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.”
Speaking on the matter is Srinivasan Sriram, the Founder and CEO of Skuchain, who 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.”