Bastug Metallurgy, a Turkish steel manufacturing and trading company along with other metal trading firms, has partnered with Fetch.ai, an artificial intelligence Lab. to build an innovative AI-powered and multi-distributed tokenized metals exchange.
This exchange will be based on Blockchain technology, which works in a decentralized manner powered with artificial intelligence.
The exchange is likely to be fully functional by the end of this year and is expected to bring more liquidity in the steel and heavy metal commodity transactions. However, on a trial basis, the first transaction will be carried out next week. The trial transaction is scheduled between Bastug Metallurgy and one of its supplier firms.
Humayun Sheikh, CEO of Fetch.ai, said, “I am extremely pleased to be working with Bastug and the other steel mills and trading companies which are part of the consortium.”
He further added,
Having them on board is a testament to the strength of our project and will speed up our efforts in building this revolutionary marketplace. The decentralized exchange will change the way metals and other commodities are traded and funded.
Embrah Ugursal, Deputy General Manager of Bastug Metallurgy, is optimistic that the new technology venture will resolve long looming trading issues of the metal industry.
“We are thrilled to be part of such an innovative project.” He further remarked, “Our company strives to be at the forefront of technological advancement, and we feel that this project has the potential to change steel and metal trading for the better by dealing with long-lasting issues with the technology.”
How will the Metal Exchange function?
The innovative metal exchange will function autonomously and will record and monitor trading activities through the AI-powered smart contracts. The transactions will be streamlined with the use of tokens. With more efficiency and speed of transactions, the security of the operational information will be achieved on the AI-based decentralized new platform.
The upgradation will reduce administrative complexities and internal trading expenses. It will also facilitate supply chain management participants and other market players to smoothen the supply chain operations.