Join NexChange - the professional
network for the financial services
industry - and receive a free one-
year subscription to Forbes
Japanese Trading Giant Itochu Hops on the Blockchain Bandwagon
The Itochu Corporation, one of Japan’s largest trading companies, recently announced plans to develop a blockchain-based supply chain tracing system, according to the Coin Telegraph:
Itochu Corporation, a general trading company and one of the five largest companies in Japan, is developing a blockchain traceability system that will allow buyers and sellers to record the date, time, location and other transaction details on blockchain through a smartphone app.
The PoC will use the Indonesian-based firm Pt. Aneka Bumi Pratama’s natural rubber supply chain, a company that processes and produces crumb rubber and is fully owned by Itochu Corporation.
The trading giant’s aim in developing the system is to ensure the “stable procurement and supply of raw material for our investment companies and trading parties” and to improve the tracability of its distribution. They were also quick to point out that the PoC contributes “to the achievement of the 17 Sustainable Development Goals listed in ‘The 2030 Agenda for Sustainable Development’ adopted by the United Nations.”
This won’t be the first time blockchain will be deployed to trace supplies. As the Coin Telegraph notes, tantalum-rich Rwanda announced a partnership with a blockchain startup to trace the mining of the conflict metal. South Korea meanwhile also announced plans to use blockchain to trace, among other food, beef.