Mitsubishi Corporation: Cross-Industry Investment by Seven Enterprises in New TradeWaltz Platform; Leveraging Blockchain Technology to Digitalize Trade and Strengthen Connectivity in Asia
|10/27/2020 | 08:26am|
Seven Japanese enterprises are pleased to announce that they have agreed to jointly invest in
Trading operations cover a wide range of products and involve numerous procedures, including documentation, consistency confirmations, and other work that can be costly to perform manually. Furthermore, considering multiple parties engaged in a single transaction, developing a system accurately and safely to share information has been a challenge faced by all industries.
A cross-industrial consortium was established in
Based on the results of its discussions among consortium members,
Administration, development, and management of the platform is handled by its namesake company TradeWaltz, which was founded in April of this year. The seven aforementioned enterprises that recently agreed to invest in TradeWaltz will be working closely with one another to further develop the platform into a practical and commercially viable business. The first step will be a sequential rollout, whereby it is adopted gradually for different processes with new functions added and other improvements made where necessary. In the future, the TradeWaltz platform can connect government agencies, service providers, and other players both in
Dynamic solutions are needed if we hope to eradicate the inefficiencies that have long plagued trading operations. Having made this joint commitment to TradeWaltz, our enterprises shall continue to encourage cross-industry collaborations that are dedicated to finding those solutions.
Fig. 1. Conventional communications framework before rollout of TradeWaltz
Fig. 2. Centralized, cross-Industry management of trading operations following rollout of TradeWaltz
Date of Establishment:
Business Description: Delivery of the TradeWaltz SaaS1, a trade data sharing platform using blockchain technology.
[Comments from company officials]
'Trade is one of the most important areas of the transition to digitalization. TradeWaltz is a revolutionary platform that incorporates blockchain technology, and I am delighted that we have been able to gather cross-industry expertise to deliver it to the world.
'In its aim to boost productivity throughout Japanese industry, MC has devised an 'Industrial DX' strategy, which focuses on reforming the structure of industry through digitalization. By effectively using digital technologies, the TradeWaltz platform aims for radical improvement in trading operations, and seamless cooperation with trading platforms in overseas countries. As a shipper in charge of trade-related practices, MC looks forward to working with all who have an interest in this platform to further its growth and development.'
'COVID-19 pandemic has accelerated our transformation from our conventional paper-oriented practice. When it comes to the trade operation, in particular, we have come to a stage where we urge ourselves to weave the new normal with digitalized trade information, taking full advantage of the cutting-edge digital technologies. Aligned with those who share the same vision,
'TradeWaltz is the world's first initiative in blockchain technology to digitize the cargo-insurance policies that are bought, sold and transferred between traders. Tokio Marine Nichido is proud to be a part of this business and pledges to work hand in hand with its other investors. Our shared goal is to create new trade practices in
'By accelerating trade digitalization on TradeWaltz, MUFG will promote safe and secure trade finance and settlement services and contribute to streamlining our clients' operations, improving settlement terms and expanding their trade business worldwide.'
'Digitizing operations holds tremendous promise for trade which is the lifeblood of
'TradeWaltz can be looked at as a new kind of social infrastructure, and by growing it, we should be able to strengthen the connections between its investors and others involved in trade. This platform promises to make trading activities more precise and sophisticated. Sompo Japan is looking forward to helping it grow by optimizing expertise accumulated over our company's many years as an underwriter of marine insurance.'
'Together with our partners, I am pleased to report the launch of our TradeWaltz business. TradeWaltz will endeavor to improve operational efficiency by digitizing all trade-related documents and provide new value through the use of trade data. Our mission is to make safe, secure and smooth trade a reality for all of our platform's users.'
1. SaaS stands for Software as a Service. It is a model that makes software available for use over the Internet.
*TradeWaltz is a registered trademark of
*Other product, company, and entity names are trademarks or registered trademarks of each company.
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