Within the guidelines that define the project, Grüll supposedly established a distinct firm christened S1Seven GmbH that takes up all block-related actions.
In particular, the platform is being designed to offer partakers with precise information on the origin of steel products, industry criteria and other characteristics of products, handling and installation.
Therefore, the firm aims to establish a one point source of all the records related to production history. Grüll said:
“Individual testimonials that are subject to statutory retention requirements and contain information on test and test results are linkable.”
However, Grüll has pointed out that an association of steel producers, stakeholders, steel mills, plant builders and steel quality testing equipment manufacturers is a must before unveiling the system so that a single “data structure based on certain standards.” The blockchain-based system is anticipated to be unveiled at the end of 2019, with chosen participants from the steel sector.
Blockchain technology is slowly taking over the supply chain domain, with deployment by several industries across the globe in their in-house processes. A few days before, Wheaton Precious Metals, a precious metals streaming firm, disclosed that it will utilize blockchain for its metal audit procedures.
Last month, Swiss clock and luxury watch manufacturer Vacheron Constantin stated that it will begin using blockchain technology to trace its timepieces. Vacheron Constantin supposedly stated that blockchain will assist battling counterfeiters and ensure originality of its watches and also safeguard likely customers from buying duplicate goods.