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. Source: Itochu press release
The press release underlines that the start of new PoC is contributing “to the achievement of the 17 Sustainable Development Goals listed in ‘The 2030 Agenda for Sustainable Development’ adopted by the United Nations.” It also adds:
“The aim of developing a blockchain traceability system [is to ensure] stable procurement and supply of raw material for our investment companies and trading parties, improving the traceability of its distribution.”
The use of blockchain technology for tracing different materials is widely used. Last October, Rwanda, the world’s leading producer of a metal used in consumer electronics called tantalum, announced a partnership with a blockchain startup to trace the mining of the conflict metal, Cointelegraph wrote on Oct. 17.