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Austrian steel firm Alukönigstahl develops blockchain-powered database "STEEL but SMART" for steel trading

Mon, 17 Jun 2019, 03:17 am UTC

Austrian steel trading company Alukönigstahl is reportedly developing a blockchain-powered steel trading database, according to local media outlet

Stefan Grüll, Alukönigstahl CEO, said the prototype, to be called “STEEL but SMART,” will concentrate on use cases that would conventionally be solved in less effective manners. The forthcoming system aims to provide a clear and transparent set of data for stakeholders by following all industry standards and monitoring products, including their properties, processing, and deployment, using blockchain.

Using the system, the company aims to develop a single source of complete documentation of the product history, with Grüll saying “Individual testimonials that are subject to statutory retention requirements and contain information on test and test results are linkable.

However, the CEO made clear that an association of steel producers, stakeholders, steel mills, plant builders, and steel quality testing equipment makers is needed before the system is launched to ensure that the system’s data structure follows certain standards.

We are today with the Blockchain where we were with the Internet in the 90s. Consequently, one has to be able to swap with the underlying protocol and go along with the technology,” Grüll said.

The new initiative, which has already been secured under trademark law, is slated to be launched by the end of this year with select industry partners. A separate company founded by Grüll, called S1Seven GmbH, will take up all blockchain-related actions.

As previously reported, Mediterranean Shipping Co. (MSC) and CMA CGM, two of the biggest container shipping firms in the world, are set to join TradeLens, the blockchain-based digital shipping platform developed by Maersk and IBM, which aims to connect, manage, and track cargos/containers by ditching paper-based process and digitizing the shipping supply chain ecosystem.

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