Seven Enterprises Invest in New TradeWaltz Platform
Seven Japanese enterprises have agreed to jointly invest in TradeWaltz Inc. (TradeWaltz), the company that manages the trade data sharing platform that operated by the same name.
Partaking in the investment are NTT DATA Corporation (NTT DATA), Mitsubishi Corporation (MC), Toyota Tsusho Corporation (Toyota Tsusho), Tokio Marine & Nichido Fire Insurance Co., Ltd. (Tokio Marine Nichido), MUFG Bank, Ltd. (MUFG), Kanematsu Corporation (Kanematsu), and Sompo Japan Insurance Inc. (Sompo Japan).
The new venture aims to draw about 400 companies as clients in Japan and overseas. The system uses blockchain technology to ensure that data cannot be tampered with.
In addition to managing orders and receipts for exporting and importing companies, the digital trade transaction services will offer letters of credit issued by banks and related documents handled by insurance and logistics companies.