The presentation "Credibility and Traceability of Simulation as an Enabler for Virtualization," presented by Hans-Martin Heinkel, Muhammed Atak from Bosch, and Martin Geissen from Unity, focuses on the use of simulation in collaborative development and validation of complex products across multi-tier supply chains. It emphasizes Smart Systems Engineering (SmartSE), which integrates collaborative, simulation-based engineering with an exchange of comprehensive data including specifications, requirements, and test cases for efficient cross-company engineering. The presentation delves into the necessary building blocks for simulation-based cooperation, including structured data management, standards for credible simulation modeling, and harmonization of metadata in diverse IT environments. It highlights the transition from digitalization to virtualization, stressing the importance of aligning simulations with reality for reliable and sustainable product development, and underscores the need for credible simulations through rigorous verification, validation, and risk assessment processes. Additionally, it introduces tools like COSTA (Credible Of Simulation Tool Assistant) for assessing simulation credibility and discusses the ongoing efforts and future plans for developing international standards for modeling and simulation credibility with involvement from bodies like ASME and NAFEMS.