Itochu Corporation, a Japan-based trading company, has started a Proof-of-concept (PoC) to develop a blockchain traceability system for enhancing the trading processes.

As per reports, the platform will enable buyers and sellers use a smartphone app to record the transaction details such as date, time, location, etc. on blockchain in an unalterable manner aimed at preventing any potential frauds. The PoC will use the rubber supply chain of Pt. Aneka Bumi Pratama, an Indonesia-based crumb rubber firm co-owned by Itochu Corporation.

According to CoinTelegraph, a press release stated that the company is looking forward to maintaining efficiency by enhancing traceability of its products between its investment companies and trading parties. Moreover, the usage of the PoC will also contribute to achieving the 17 Sustainable Development Goals listed in ‘The 2030 Agenda for Sustainable Development’ formulated by the United Nations, added the press release.