Armor Ceramics Starts Pre-ICO to Bring Blockchain to the Refractories Industry
Armor Ceramics is developing a blockchain-based system called SupChain. The solution claims to be the first system to allow transparent access to production data and technical indicators in the refractories industry.
Refractories are used to line the hot surfaces found inside many industrial processes. They resist thermal stress and other heat-related phenomena, and can withstand physical wear and corrosion caused by chemical agents. Refractory materials are used in for furnaces, kilns, incinerators, and reactors. They are also used to make crucibles and moulds for casting glass and metals and for surfacing flame deflector systems for rocket launch structures. Iron and steel is the largest end-user industry for refractories, accounting for about 75% of the total market.
Armor Ceramics, a Ukrainian company focused on the production of refractories, is led by a team of material production veterans. It is a subsidiary of Savex Minerals Enterprise, the largest national producer, developer and innovator of molded and shaped refractories in Ukraine. Armor Ceramics is also backed by an advisory team that includes Ukrainian Research Institute of Refractories Director Vladimir Primachenko.
In Ukraine, refractories are a high-demand product, with estimates revealing that over half-a-million tons of refractory products are sold within the country every year. Ukraine has one of the five largest reserves of iron ore in the world. The country is also one of the top 10 metal producers globally. The country, however, does not produce a quantity and quality of refractory products proportional to its potential as a raw material. Despite the opportunity for local production, 30% of refractory materials in general and 60% of refractory ceramics are imported, along with 20% of all molded products. Importing products means high costs and long delivery times.
Armor Ceramics’ SupChain aims to replace one-third of all imports by reducing delivery times, and cutting the cost of production by 15-20%. Built on ethereum, the system stores, maintains and accesses refractories data on the blockchain. The system provides the manufacturer with a simple and reliable method of delivering information to the end consumer, equiping that consumer with the ability to verify if the product genuinely meets the requirements.
Armor Ceramics is currently conducting a pre-ICO (initial coin offering) of its ACR tokens, which will run until November 30. 40 million ACR tokens will be sold at a base price of $1 each. All the tokens sold will be equal to 50% of the company’s profits.
The pre-ICO’s performance will determine the hard cap for the main public ICO. All token holders will be able to collect dividends in accordance with their shares. However, the ACR token does not give anybody the right to vote in the company’s management.
