I used something like that to have a sprocket "rebanded".
They machined away the blank's inner, and shrank/welded the circle of teeth onto the old ground-down sprocket's splined hub.
And heated and oil dipped it.
And used a bigger blank, for someone to retooth a cush drive hub for me.
https://i.postimg.cc/NfN3Fb78/New-teeth.jpg