Austrian blockchain firm RIDDLE&CODE and mining technology developer S1Seven are combining their solutions for better traceability and certification practices in the metals industry. Under the deal, RIDDLE&CODE’s blockchain offering will be integrated with S1Seven’s ‘Steel But Smart’ product.
Vienna-based RIDDLE&CODE is using blockchain to help enterprises in numerous areas, including machine identity, product provenance, online fraud, renewable energy and supply chains. Partners include Daimler and Wien Energie. The company has developed a hardware and software stack that combines the security of smart cards with blockchain and the Internet of Things (IoT).
The partnership with S1Seven will explore a blockchain-based notarization service for metal certificates. This would provide a product with a digital, tamper-proof identity and trace its journey in the supply chain. The goal is to eliminate the use of paper documents that are susceptible to fraud and loss.
RIDDLE&CODE says about 100 million paper certificates for regulatory compliance are generated each year at 500 steel production sites and several hundred thousand metal processing companies in Europe. The number of companies may sound high, but it includes everything from air conditioning manufacturers and boilers to metal coating firms and cutlery or tool producers. Using blockchain, the two companies will replace these paper documents with digital records.
“Our expertise in blockchain-powered hardware, software and digital identities allow us to create an incorruptible connection between the metal industry products and their quality data,” said Alexander Koppel, CEO of RIDDLE&CODE.
Meanwhile, S1Seven has its own blockchain initiative and was awarded the Austrian Blockchain Award for its solution to digitize the metals industry. The company uses blockchain for transparency in factory certificates generated by supply chain participants, creating an immutable log of production history and traceability for easier compliance with regulatory requirements.
Steel But Smart records material data such as processing parameters and test results to the blockchain at each stage of metals production. Additionally, S1Seven is using decentralized identity tags for connecting data and physical steel products.
“Partnering with RIDDLE&CODE is exactly what we need to generate industry-leading technology products,” said Stefan Gruell, CEO of S1Seven.
The metals and mining industry is highly regulated, primarily due to its impact on the environment. Some other prominent blockchain initiatives in the sector include Minehub , Circulor and WEF’s The Mining and Metals Blockchain Initiative consortium.
The Government of Canada has contracted Peer ledger and Mavennet to develop blockchain solutions for steel traceability. In China, the main metals trade association is exploring a consortium blockchain for the steel industry.
