The blockchain system will seek to improve the storage of data related to steel trade within the company and the entire production chain

Recently, the Austrian media reported that the important local company specialized in the steel trade, Alukönigstahl, is developing a novel system based on blockchain technology that will permit the simplification of trade data within the industry.

Through this recent report, it was known that Stefan Grüll, Managing Director of Alukönigstahl, has been working on a business model that will be supported with the new trading system that is being built with blockchain technology.

This project is called “Steel but Intelligent” and will focus on strengthening cases of traditional commercial uses. With the aim to conduct this macro project of the company, Grüll said that they decided to establish a company called S1Seven GmbH, which will be dedicated to all matters related to blockchain technology. In this way, it will be possible to drive this project developed by their own means with local technology.

The data system will seek to verify information related to the origin and the standards within the steel industry, as well as data about the processing, refinement and properties of steel as a product of the company. This will simplify the information documents and the historical data of the company to unify all the files related to the production and sale of their products.

About this system for the active protection of data of the company documentation, Grüll said: “The legal testimonies that are subject to the legal requirements of retention, contain information about the tests and the results of the tests are binding”.

Despite the company’s interest in using all the processes of said system, Grüll also assured that it is necessary for a single group of interested parties in the industry related to plant constructors, raw material manufacturers, steel sheets and manufacturers of parts made with steel, in order to use a “data structure based on certain standards”. This will help place on the table certain parameters of action of the entire industrial line of steel.

According to some sources it is expected that, after reaching the agreements between all the steel production lines and the completion of pilot tests, the system will be active by the end of this year, thanks to all the participants that have reached an agreement to enjoy the service.

The steel industry could accelerate all its trade processes by installing this blockchain data storage system. This tool would gradually increase better management of the entire sector related to the supply chain, as well as other parts related to the processes of refinement, transferring and processing of raw material. It would significantly help to optimize all internal processes within the industry, decreasing expenses at key points, increasing production, and reducing the completion time in certain processes, according to what the representatives of the company hope. The truth is that blockchain is taking more spaces in different industries because of its capability to store and preserve information.

By María Rodríguez


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