The disrupt of blockchain technology in the society has proven to be a leverage for several sectors to improve operations digitally. The most recent industry to adopt the technology is the Automobile (Mitsubishi).
Popular Japanese Automobile maker, Mitsubishi announced on Tuesday it would be deploying a blockchain-powered platform (ECO). This is to enhance its metal trading operations and digitize metal trade.
The automobile maker’s metal and mine subsidiary launched the EOS platform alongside Skuchain, an American blockchain firm. According to a release, the platform is built on Skuchain’s EC3 platform for blockchain-based supply chain management and finance.
Mitsubishi’s ECO would ease metal trades among counterparties by initiating, managing, and executing invoices and trade confirmations. To begin, The Japanese automobile giant would enroll its most valuable clients on the platform. The platform would be expanded to cover a wider portion of its supply chain system.
Outside Automobile, other industries utilizing blockchain
Blockchain tech already impacts firms in finance, healthcare, food, and other industries. The decentralized database, security, and integrity of the technology have made it possible for it to aid operations in the pharmaceuticals.
Pharmaceuticals use unique serial numbers for units of medication and pieces of equipment, which are scanned, captured, and verified at their point of origin.
Applied correctly, blockchain takes track-and-trace serialization to the next level, cutting costs, elevating security and trust, eliminating error-prone data movements, and enabling real-time supply chain transparency.
Blockchain is also being utilized in the agriculture sector to regulate food safety and track agricultural produce. Years back, IBM, a tech firm, partnered with food suppliers like Walmart and Nestle. They partnered to use blockchain to monitor food safety.
The tech enables growers, suppliers, processors, distributors, retailers, regulators, and consumers to gain access to information about the origin and state of food in their transactions.
Outside these sectors, the technology also is projected to fit well into the banking sector. It would aid records keeping and improve money transfer through decentralization.
Blockchain use in several industries can be infinite as the tech characteristic makes it fit into operations of any kind.
Mitsubishi ECO to be improved for crucial supply chain solution
Mitsubishi said they would be adding more features to their Blockchain platform. This is to solve complex supply chain issues in the metal trading industry.
Mitsubishi remained active in the blockchain space previously partnering with LayerX to promote digitization for companies and government agencies.