TradeWaltz, the blockchain trade consortium that includes many of Japan’s largest trading firms, has partnered with mining traceability firm MineHub to trial a copper trade executed by Sumitomo Corporation.
The proof of concept on March 23 indicated potential business efficiencies of digitizing the process of up to 60%.
TradeWaltz’s blockchain network officially went into production two weeks ago and boasts more than 100 corporate members with the founders, including three major trade conglomerates, Mitsubishi Corp, Toyota Tsusho and Kanematsu, as well as MUFG bank. NTT Data initiated the project, targeting the digitization of Japanese import-export documentation.
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