Japan’s largest trading entity Mitsubishi Corporation and telecommunications company Nippon Telegraph and Telephone Corporation (NTT) have formed a joint venture called Industry One. The new company is expected to launch later this year, and its purpose is to explore and implement cross-industry digital transformation solutions, including blockchain.
The companies invested 900 Million Japanese Yen ($8.3 million) in the venture, with Mitsubishi owning 51% of the company and NTT the balance. The initiative will offer consulting services and partner with other companies for digital transformation (DX) solutions.
Industry One is already working on a project to support DX in the food distribution sector. Alongside NTT Data, NTT’s tech subsidiary, the joint venture is working on digitizing and upgrading stock management and distribution processes using blockchain technology.
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