“Stena Steel and blockchain technology provider Chainvine join forces to provide provenance traceability in the steel supply chain, creating a future for 'smart metal'”

Gothenburg 13/10/2017 - If you have ever wondered where the steel comes from that built a specific boat, plane or car, Stena Steel & Chainvine plan to tell you. Dubbed 'Smart Metal’, this cutting edge concept completely protects consumers and steel customers from the type of scandals recently seen in the international steel industry.

"Stena Steel will use Chainvine’s blockchain technology platform to allow clients to get vastly improved information on provenance - they will be able to see where their metal came from, how it has been treated and who handled it” Hans Svensson, Market and Purchasing Manager at Stena Steel, said.

Blockchain technology allows for information on the steel provenance and handling to shared ledgers which are impossible to manipulate by anyone along the supply chain. These ledgers can then be followed from the final product, every step of the way back to the original source, in real time and with complete reliability.

“The initial project will focus on putting a digital discipline (strict digital process) on the supply chain. Although the technology will not replace trust, it will reduce the cost and risk of doing business” “and thus the cost of trust” Oliver N Oram CEO Chainvine.

In the future, Stena Steel customers can use login into their Stena accounts downloading and checking steel certificates with a greater transparency in the origin of the steel and who has produced it. "Stena Steel takes great pride in distributing only the highest standard steel to its customers," Svensson said. It is very important that our clients have the correct, unmanipulated data concerning the steel they are buying. Be it for producing cars, boats or planes, we aim to provide that data with the Swedish/UK based Chainvine a blockchain technology company who are looking to create tomorrow’s intelligent commodities”

Chainvine offers highly adaptable solutions for identity, asset & encryption management using the block chain technology. Chainvine takes away the complexity of using the blockchain/ distributed ledger technology platform.

Contact: oliver@chainvine.com

Stena Steel Stena Stål AB is a nationwide steel supplier with a wide range of steel products such as beam, rod, pipe, reinforcement, sheet metal, stainless steel, aluminum, tool steel and alloy structural steel.

info@stenastal.se