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02/02/19 06:00 UTC-4

Itochu, a Japanese trading house, will use a blockchain to control goods

On February 1, Itochu, a Japanese tradingTrading
– is an economic term that means the process of independent trade, independent analysis of the market and the conclusion of trade transactions.Details
house, announced the start of PoC testing (proof of concept) for developing a blockchain-based system for controlling goods, as reported by the CCN news agency.

According to a press release published on February 1, Itochu Corporation will work on creating its own blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details
platform for tracking and quality control of products. According to the report, the new blockchain application will be available to customers through a special program for smartphones.

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Blockchain control at Itochu Corporation

Recall that Itochu Corporation is one of the largest trading companies in Japan, which is among the "Big Five" of the country's trading giants. In 2019, the Itochu trading house Corporation also entered the 500 most profitable companies in the world.

The blockchain technology, which is going to be introduced into the Itochu chain of stores, will allow buyers and sellers to record and read the following information: the date and time the product was manufactured, shipped, location, transportation, the city and country of origin, quality certificates. At the moment, the Itochu company began checking PoC, to verify the construction of the blockchain application model.

According to a press release, Pt. Aneka Bumi Pratama, an Indonesian company engaged in rubber production, rubber crumb production, will be used for PoC. The report also states that the rubber company is the property of the Itochu trading house.

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Itochu Trading House in Japan reported using a blockchain to control goods. Recall that this is not the first giant company that has begun to implement the blockchain in product tracking systems. Today, blockchain systems are used in the network of Rwanda companies, as well as many manufacturers in the United States.

Editor: Yuliya Soroka

See also: "IBM announced successful testing of the Blockchain for citrus supplies"

#blockchain #Japan #Itochu #qualitycontrol #Tokyo #application

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