Australian Steel Company Creates Blockchain-Based Steel Trading Database ‘STEEL but SMART’

Alukönigstahl, an Australian steel trading firm, is reported to be creating a blockchain-based data system. The CEO of the company Stefan Grull has affirmed to the local media outlet Industriemagazin.at, that the new initiative will be called “STEEL but SMART”.

The idea of the project is to target use cases that would traditionally be solved in less effective manners and create better projects instead. The company is working together with S1Seven GmbH in order to complete all the blockchain-related tasks which are needed in order to create the platform and make it work as intended.

According to the CEO, the new system is set to help the stakeholders by creating a set of data that will be clear and transparent. The idea is to follow all industry standards closely and to track the products, their origins, state and document all of it on the blockchain.

This new procedure will certainly bring more efficiency in the long term because it will abandon paper and help to share the information about the product more easily than before.

Grull affirmed that, by employing the blockchain, the company would be finally able to join all this information into the ledger and that they would go the next level, as individual statements are not as accurate and transparent as using the technology. If any problem occurs, the group will know certainly where it happened and who can be held responsible for it.

However, an important point that has to be solved launching the product is that a consortium of stakeholders has to be created in order to structure the program. This consortium would need to reunite all the involved in the process, going from manufacturers, builders, steel mills and the companies that carry and test the equipment.

Even with so many points to solve, the expectations of the CEO are to launch this project before the year is ended. This means that the project is possibly considered advanced right now.

Blockchain Is Being Used In The Supply Chain Sector

What this Australian company is doing is following the trend. Several companies are making their supply chains more effective by using the blockchain technology recently. Companies such as Wheaton Precious Metals are also using technology in order to achieve better results.

Even companies from other sectors such as the shipping giant Maersk have started partnerships in order to make the most out of the technology. Maersk, for instance, has partnered up with IBM, one of the most prominent companies when it comes to offering blockchain solutions.

IBM is also a part of the IBM Food Trust technology, which is being used to track food worldwide by several companies.