Step 1: Understanding the Question:
The given reaction is the "Water-Gas Shift Reaction", used for the industrial production of hydrogen.
Step 2: Detailed Explanation:
1. In the water-gas shift reaction, carbon monoxide ($CO$) reacts with steam ($H_2O$) at high temperature to produce carbon dioxide and hydrogen.
2. This reaction is carried out at approximately 673 K (or as stated in the question 623 K) in the presence of a catalyst.
3. The common industrial catalyst for this process is a mixture of iron(III) oxide and chromium(III) oxide, often referred to as iron chromate catalyst.
Step 4: Final Answer:
The catalyst used for this reaction is Iron chromate.