Within the framework of the 4th International Mining and Metallurgical Summit SAP, an initiative was announced to create a unified industry register of blockchain-based certificates of metal products. The idea was supported by Russian metallurgical companies Severstal, Zagorsk Pipe Plant, as well as industry associations. The system can be launched as early as next year and will unite key market participants in the fight against fraud.
Distributed registry technologies will create a unified industry-wide solution that will be equally managed by all participating companies (metal producers). Such a system will provide a transparent and fair competitive environment: all participants in the initiative will receive rights to manage the registry, and the data that will be stored on the blockchain will remain unchanged. Consumers of products by certificate number and manufacturer will be able to verify their accuracy.
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