Home / Press Releases / Severstal and VTB have created a new blockchain scenario to accelerate the shipment of steel products

Severstal and VTB have created a new blockchain scenario to accelerate the shipment of steel products

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PJSC Severstal and VTB have developed a new scenario for the industry blockchain register of quality certificates for metal products. The initiative will allow to accelerate the shipment of metal products, as well as to carry it out without reference to banking days, including weekends and holidays.

This is the second stage of the project to optimize industry-wide interaction, launched on the basis of the infrastructure of the industry register of quality certificates for metal products. Thanks to the new project, the supplier immediately receives information about the invoice payment and releases the order for shipment. Thus, the initiative will allow companies to ship products to receive money without the risk that they will not be paid for. The registry itself is implemented on the blockchain technologies of the SAP Busiess Techology Platform. The initiative was announced within the framework of the 5th International Mining and Metallurgical Summit SAP.

The unified industry register of quality certificates for metal products was launched in 2020. The project is being implemented with the support of Severstal PJSC, TMK, OMK and the Pipe Industry Development Fund (FRTP). A script for checking the validity of certificates of quality for metal products has already been launched into productive operation, which allows consumers to check the authenticity of certificates by the certificate number and manufacturer's code.

"Previously, we, together with SAP

“The new software solution will make a big step forward in the field of both blockchain technologies and the metallurgical industry as a whole. The main advantage of the solution is the ability to accelerate shipments of goods between PJSC Severstal and counterparties by quickly receiving information about payments from VTB Bank. We hope that our cooperation with PJSC Severstal will bear fruit in the near future, and a unified industrial register of quality certificates will be in demand, "commented Alexander Botsiev, Head of Sales of Settlement and Passive Products of the Transaction Business Department, Senior Vice President of VTB Bank.

“Two years ago, at the 4th SAP International Mining and Metals Summit, we announced plans to create a unified blockchain registry to reduce the level of unfair competition in the industry, reduce losses of counterfeit and counterfeit companies. To date, we have already created a common infrastructure for trusted industry-wide interaction and a precedent for this form of cooperation between companies in the metallurgical industry. We hope that in the future the number of network participants will expand along with an increase in the number of new scenarios for trusted information exchange, ”said Andrey Filatov, CEO of SAP CIS.

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