Austrian steel company develops blockchain-based steel trading database

According to local media reports, Austrian steel trading company Alukonigstahl is developing a steel trading data system based on blockchain. Stefan Grull, CEO of Alukonigstahl, is working on a business model for a blockchain-based steel trading database called "STEEL but SMART", which targets traditional use cases. According to reports, within the framework of the project, Grull established an independent company called S1Seven GmbH, responsible for all blockchain related activities. Specifically, the purpose of the system is to provide stakeholders with clear data on steel product sources, accounts and industry standards, as well as information on product attributes, processing and deployment. Therefore, the company intends to create a single source of complete production history documents.