Blockchain Solutions Pte Ltd has worked with Marubeni Corporation and Marubeni-Itochu Steel Inc. to conduct a Proof of Concept (PoC) for advanced traceability management in the steel pipe trading business.
The Steel Pipe Traceability technology offers the following benefits:
- Immutable – Preserves state of the document when it is added to the blockchain
- Provenance – Captures linkages of related documents and versions of the document
- Verifiable – Enables verification that current document has not been tampered with.
Customers have demonstrated a growing need to see proof of authenticity of their goods. Hence, this calls for the need for better traceability technology.
In addition, after running several trial projects, Marubeni Group has confirmed the effectiveness of blockchain technologies in several fields, including trading operations. Therefore, this PoC aims to increase the reliability of related traceability data by linking steel pipe data and trading data with blockchain.
Blockchain technology has become a key digital technology for next generation business development. To find out more, contact us!
Read Marubeni Corporation’s Press Release: https://www.marubeni.com/en/news/2020/release/20200324E.pdf