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Japanese trading giant Itochu is developing a blockchain traceability system

Itochu Corporation is developing a blockchain traceability system

According to a press release issued on 1 February, one of the largest Japanese trading companies officially began the development of a blockchain traceability system based on the proof-of-concept (PoC).

Itochu Corporation, one of the five largest trading companies of Japan, developing a blockchain-based system for tracking, which will allow buyers and sellers to record the date, time, location and other details of the transaction taking place in the blockchain, with a special application for smartphones.

Proof-of-concept is already being used by the Indonesian firm Pt. Aneka Bumi Pratama's, which is engaged in the production of natural rubber and is the property of Itochu Corporation.

In a press release stressed that the establishment of a system for tracking based on the PoC will help to achieve the 17 goals of sustainable development listed in the relevant document on the sustainable development of the industry until 2030, which was adopted by the United Nations.

In addition, the press release said:

"The main purpose of development of blockchain traceability system is to ensure stable procurement and supply of raw materials for our investment companies and trade organizations and is also improving the traceability of its distribution."

In recent years, many companies have begun to use the blockchain technology to track the different materials. For example, in October last year, Rwanda, the world's leading manufacturer of metal used in consumer electronics, announced a partnership with blockchain startup to trace the mining of the conflict metal.

In November last year, the South Korean government also announced its intention to use the blockchain technology to provide consumers with information about supply chains of food products.


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