|End-of-day quote - 01/22|
Mitsubishi Corporation: Cross-Industry Investment by Seven Enterprises in New TradeWaltz Platform
|10/26/2020 | 11:57pm|
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, NTT DATA began developing the TradeWaltz' platform, which uses blockchain technology to connect trade-related information. Provided that this proves to be a practical system, it should make it possible to digitalize and centrally manage all trading operations, cutting workloads by as much as 50%.
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.
For more information, visit https://www.mitsubishicorp.com/jp/en/pr/archive/2020/html/0000046187.html.
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