Austrian steel trading company Alukönigstahl is working on a blockchain-based steel trading data system, local media outlet industriemagazin.at reported on June 13.

Alukönigstahl CEO Stefan Grüll is working on the business model of a blockchain-based steel trading database dubbed “STEEL but SMART,” which targets traditional use cases. Within the framework of the project, Grüll reportedly founded a separate company called S1Seven GmbH that undertakes all blockchain-related activities.

Specifically, the system is set to provide stakeholders with clear data on steel products’ origin, account and industry standards, as well as information about product properties, processing, and deployment. As a result, the company intends to create a single source of complete documentation of the 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 noted that before launching the product, it is vital to form a consortium of stakeholders, steel manufacturers, plant builders, steel mills, and steel test equipment manufacturers in order to use a single "data structure based on certain standards." The blockchain-powered platform is expected to be rolled out at the end of the current year, with selected industry participants.

Blockchain technology has been gradually entering the supply chain sector, with many other stakeholders around the world having already integrated it into their internal processes. Earlier this week, precious metals streaming company Wheaton Precious Metals revealed that it will use blockchain to facilitate its metal accounting processes.

In late May, Swiss luxury watch and clock manufacturer Vacheron Constantin announced that it will start using blockchain technology to track its timepieces. Vacheron Constantin reportedly said that blockchain will help fight counterfeiters and guarantee authenticity of its watches, as well as protect potential customers from purchasing fakes.