Marubeni : Implementation of Traceability PoC in Steel Pipe Trading Utilizing Blockchain Technology

Fibo Quantum

March 24, 2020

Marubeni Corporation

Implementation of Traceability PoC in Steel Pipe Trading Utilizing Blockchain Technology

Marubeni Corporation (hereinafter, “Marubeni”) will conduct a Proof of Concept (hereinafter, “the PoC”) for traceability utilizing blockchain technologies in the steel pipe trading business of Marubeni-ItochuSteel Inc. (hereinafter, “MISI”).

The Marubeni Group considers blockchain technology to be one of the latest essential digital technologies for next generation business development. MISI aims to utilize digital technologies that enable advanced traceability management primarily in the steel pipe business, as the company’s customers have demonstrated a growing need to prove authenticity with better traceability technology.

The PoC aims to increase the reliability of related traceability data by linking steel pipe data and trading data with blockchain.

The system for this project will be developed by Blockchain Solutions Pte.Ltd.(hereinafter, “BSG”), a blockchain application developer headquartered in Singapore. BSG also has an existing strategic partnership agreement with the Next Generation Business Development Division of Marubeni.

The Marubeni Group, by running several trial projects, has confirmed the effectiveness of blockchain technologies in several fields, including trade operations. By proving the usefulness of enhanced traceability with blockchain technologies during the PoC, Marubeni will also utilize blockchain technologies in supply chain space and continue to create added value for transactions on a Group-wide level.

Outline of MISI

Company Name

Marubeni-Itochu Steel Inc.

Location

Nihonbashi 1-chome Bldg., 4-1, Nihonbashi 1-chome,16-18F

Chuo-ku, Tokyo, 103-8247, Japan

Representative

President & CEO Tomohito Kaneda

Established

October 1, 2001

Main Business Activities

Processing, import, export, and sale of steel products; supply chain

management; investment in steel-related industries

Website

https://www.benichu.com

Outline of BSG

Company Name

Blockchain Solutions Pte. Ltd.

Location

Singapore

Representative

Poh Seng Pol

Established

2016

Main Business Activities Application development utilizing blockchain technologies

Websitehttps://blockchainsg.com/

Disclaimer

Marubeni Corporation published this content on 24 March 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 March 2020 04:07:02 UTC