Today, only in Europe 500 steel production sites and 500.000 steel and metal processing companies exchange around 100 million paper certificates every year to meet regulatory requirements for material quality documentation.
While more and more machines are becoming connected to the Internet, these documents remain paper-based and non-machine readable. This, along with a lack of data processing standards, has caused an increase in opportunities for fraud and negligence.
“RIDDLE&CODE took its vast experience of working within the highly-regulated Swiss banking industry and developing industry-leading solutions with partners such as Daimler, Wien Energie, Deloitte, and applied it to drive digitisation to the metal industry,” said Alexander Koppel, RIDDLE&CODE’s CEO. “Our profound 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.”
To mitigate these traditional inefficiencies, RIDDLE&CODE and S1Seven set out to digitise the metal industry by building a blockchain-based notarisation service for metal certificates that provide a product with a digital, tamper-proof identity and trace each step of its journey: from raw material to final application. The service allows steel manufacturers to replace mandatory hard copy documents with digital records to use for smart manufacturing and to assess CO2 emissions, immutably stored on a decentralized platform that serves as the industry’s single source of truth.
“S1Seven is a technology pioneer awarded for its business model sustainability, innovation, and disruptive applications within the metal industry,” said Stefan Gruell, S1Seven’s CEO. “Partnering with RIDDLE&CODE and bringing in their deep expertise in digital twin technology, is exactly what we need to generate industry-leading technology products and platforms.”
By leveraging on each other’s strengths and capabilities, together, RIDDLE&CODE and S1Seven are taking the metal industry into the new, transparent era that will enable manufacturers to become more efficient, competitive and profitable on their road to Industry 4.0.
RIDDLE&CODE is the leading European Blockchain interface company that builds hardware and software stacks and brings trusted identity to objects and people. Together with its tier one clients and partners, RIDDLE&CODE creates greater efficiency and new business models to financial markets, energy distribution, mobility and the Internet of Things.
S1Seven is an Austria-based company that empowers the future of smart manufacturing by providing a digitally integrated, collaborative and trustless chain of steel quality data. In 2020, the Austrian Federal Economic Chamber (WKO) and Austrian Blockchain Center (ABC) awarded S1Seven with the Austrian Blockchain Award in the Economic category for the company’s accomplishments regarding blockchain-based digitisation in the metal industry.