Japanese Trading Giant Itochu to Develop Blockchain Traceability System in PoC

The Japanese trading giant will implement blockchain tech for tracing the distribution of raw materials in a PoC.

One of largest Japanese trading companies has officially announced the start of a proof-of-concept (PoC) aimed to develop a blockchain traceability system, according to a press release published on Feb. 1.

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.

Visualization of the blockchain-based rubber supply chain

Visualization of the blockchain-based rubber supply chain. Source: Itochu press release

The press release underlines that the…

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2019-02-01 09:13:00

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Written by Cointelegraph

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