Mexico
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Mexico: Verifiable Credentials Revolutionize Industry Standards

Synopsis:

CANACERO, a major steel association in Mexico, and tech innovator Transmute successfully concluded a pilot program aiming to enhance steel trade security and visibility. The collaboration involved six leading Mexican steel manufacturers, exploring US Customs and Border Protection’s interoperability standards using Transmute’s Verifiable Data Platform (VDP). This initiative showcased the potential for secure and compliant cross-border trade credentials.

Article:

The steel industry often grapples with complexities in trade security, regulatory compliance, and transparency within the supply chain. Addressing these challenges, CANACERO, a prominent Mexican steel trade association, partnered with tech pioneer Transmute to revolutionize trade practices. The successful completion of their pilot program signifies a significant leap towards securing and legitimizing steel trade processes.

Initiated in April 2023, the pilot program involved key players in the Mexican steel landscape, including ArcelorMittal, Deacero, Gerdau Corsa, Outokumpu Mexinox, Tenaris, and Ternium. Their collaboration aimed to explore the potential of Transmute’s Verifiable Data Platform (VDP) in ensuring secure and compliant cross-border trade practices.

The pilot program allowed participants to delve into innovative technologies like Decentralized Identifiers and Verifiable Credentials. These technologies, pivotal for customs modernization, were tested extensively to validate their efficacy in streamlining trade processes. Features such as automated multi-party workflows and cryptographic signatures were scrutinized to ensure seamless integration into the steel supply chain.

The program's success was highlighted by CANACERO’s involvement in the US CBP Steel Tech Demo, showcasing the VDP’s practicality and commercial viability. Salvador Quesada, CANACERO´s General Director, emphasized the industry’s commitment to innovation and collaboration with regulatory bodies, envisioning a future of efficient and compliant trade relations.

Karyl Fowler, CEO of Transmute, emphasized the transformative power of collaboration in reshaping industry standards. The partnership between Transmute and CANACERO signifies a shared vision for a future where trade documentation moves dynamically, ensuring the legitimacy of trade participants and products.

Conclusion:

The collaboration between CANACERO and Transmute marks a significant step in revolutionizing steel trade practices. Through technological advancements and collaborative efforts, the pilot program demonstrated the potential to ensure secure, compliant, and transparent cross-border trade processes. This initiative showcases a promising future where steel trade documentation and data align dynamically with commercial activities, ensuring the credibility of trade participants and their products.

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