Japan’s Itochu Announces Blockchain PoC For Traceability
Itochu Corporation, the Japanese general trading company, will perform proof of concept (PoC) to create a blockchain traceability system. Itochu, one of Japan’s largest general trading companies, is involved in the worldwide trade and import / export of multiple products.
It has six major operating divisions specializing in textiles, metals / minerals, food, machinery, energy / chemicals and ICT / real estate goods.
The objective of the PoC, which is set to begin in the natural rubber logistics chain of Indonesia-based pt. Aneka Bumi Pratama, is developing a blockchain traceability mechanism to ensure sustainable outsourcing and supply of raw materials for investment companies and trading associates of Itochu.
Itochu Techno-Solutions Corporation is responsible for developing a PoC technology solution. “Itoch will work on “reinventing its business,” one of the fundamental policies laid down in the medium-term management plan, which seeks to achieve steady growth using a “reinvented sampo Yoshi” strategy (“good for sellers, good for buyers and good for society”),” said the company.
“It will also contribute to the achievement of the 17 Sustainable Development Goals set out in “The United Nations 2030 Agenda” for Sustainable Development.” The PoC supposedly uses a smartphone app that allows buyers and sellers to perform mutual verification and record trade details in the blockchain, including date, location and time. The company also intends to establish a system that offers an incentive for precise recording in order to encourage suppliers ‘ cooperation.
The company issued the following statement:
“Currently, multiple operators (local collectors and raw material dealers) are involved in the supply chain from the production to the delivery to tire manufacturers, and greater transparency in the distribution of natural rubber is required.”