The company Mitsubishi Corporation (Americas) (MCA) made a purchase of metallic minerals in one of the large mines in Peru for approximately USD 43 million; issuing the operation with the blockchain Skuchain currency agnostic for trading assets digital through Mizuh Bank.
Of approximately 90 countries and regions in which MCA is established and operating in multiple environments such as industrial and energy, the branch in charge of carrying out this purchase was that of Silicon Valley – California, headquarters that operates as an innovative center and is specifically dedicated to researching and testing new technologies as well as new companies for the advancement and digital growth of the company.
The digital asset provided for the payment was Distributed Ledger Payment Commitment (DLPC), which was followed in its issuance and download process by Skuchain who was subsequently tasked with giving Mizuh Bank the sure vote to release the final payment.
Skuchain is a chain of blocks that today is operating in USA, Asia and Europe in the world of mining, agriculture, minerals, automotive, food and electronics.
“People have been talking about Blockchain and the supply chain for at least 5 years. We just went from the talk phase to actually moving thousands of tons of a physical commodity through 10,000 miles backed by bank-acceptable digital assets worth $ 43 million on our blockchain and we did it faster, cheaper and safer than what was before ”, expressed the founder and CEO of Skuchain, Srinivasan Sriram to the portal Proactive.
The Bankers Association for Finance and Trade (BAFT) worked with its team to develop the Distributed Ledger Payment Commitment (DLPC) digital asset, which was released in 2020. and also according to the BAFT web portal it has “a global standard for a payment commitment that can be used on any blockchain network and can operate on all networks. “
After the effective and safe work that the Skuchain blockchain did, Mitsubishi Corporation seeks to incorporate said digital asset in its transactions as well as invite its clients to venture into this part of the blockchain environment and replace traditional payment methods. This with the aim of providing more commercialization and liquidation to the company since they would take advantage of the capital funds stored in the financial entities.
It should be noted that this transaction is among the first carried out “Inside the real trade”, this was announced by Yuichiro Yoshinari who is the Director of Innovation and Design Thinking of the Mitsubishi Corporation (Americas) branch in Silicon Valley:
“We are very honored to partner with Skuchain and Mizuho Bank to make the first DLPC transactions in real commerce. We would like to continue looking for new opportunities to apply the DLPC in order to offer better services to our customers and partners. ”
As we had previously reported in Cointelegraph, Mitsubishi and Skuchain had already worked together and entered the world of metals with blockchain technology.
In 2020, the companies launched a platform to digitize the trading of metals, which “is built on the Skuchain EC3 platform for supply chain management and blockchain-based finance.”
ECO was also part of the project with its contribution regarding the commercial part of metals, specifically regarding invoices and confirmations between buyers and sellers.
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