From December 2017, Mitsui & Co., Ltd., together with Sumitomo Mitsui Banking Corporation, The Japan Research Institute, Limited, Mitsui O.S.K. Lines, Ltd., Mitsui Sumitomo Insurance Company, Limited and IBM Japan, Ltd. will begin a validation experiment carried out by Sumitomo Mitsui Financial Group to test the viability of using blockchain technology for the enhancement of trade procedures.
For this validation experiment, each participating company will use a blockchain-based trade application to enter and share contract and document information in line with trade transactions. The experiment will test for time reduction achieved, reductions in document discrepancies, and whether office work is reduced compared with conventional practices.
As a sogo shosha, Mitsui & Co. provides trading functionality to safely and optimally deliver what customers need the whole world over. Through this validation experiment, we are pursuing new possibilities and productivity improvements across trade transactions by combining the latest blockchain technology with experience and know-how cultivated across many years of global trading business.