We’ve joined forces with Tata Steel UK to develop a prototype that will help drive better traceability in the steel industry and promote sustainable growth.
Earlier this year we announced we had been selected by the Welsh Government to explore the capabilities of blockchain technology as part of Blockchain Connected’s research and development challenge “Demonstrating the Potential of Blockchain.”
As a result, we collaborated with Tata Steel UK on an eight-week project that aims to improve traceability in the steel industry through the introduction of digital product passports.
Using iov42’s state of the art distributed ledger technology, the prototype not only meets the specific needs of Tata Steel UK, but also provides industry-changing capabilities that give businesses accurate and up-to-date information about their steel supply chains.
This kind of technology is an essential tool to tackling the challenges of responsibly sourced materials, such as steel. As a key element of the UK’s decarbonising strategy, the ability to prove and deliver high quality data about the source of materials and its corresponding carbon footprint will prove invaluable to businesses across the supply chain in driving greater sustainability.
iov42’s prototype provides businesses with the foundational technology to tackle this issue by allowing users to scan a steel product with a smart device, instantly retrieving all the relevant information needed – whether that’s for ESG, compliance or commercial reasons. This data includes everything from the date or place the steel was manufactured, to its environmental footprint and changes made along the supply chain.
“Our collaboration with Tata Steel UK has been an essential step in developing the industry’s best tools for delivering traceability and security” said David Coleman, Chief Product Officer at iov42.
“Following the success of our Timber Chain solution, Tata Steel was the perfect partner to showcase how our technology can benefit other key commodities, such as steel. Our collective goal from the offset was to strike a balance between a smooth User Experience and clear improvements of trust across the plethora of supply chain actors involved in the steel value chain. It is trendsetters like Tata Steel that have the influence to create new standards and a stronger, more sustainable, digital economy and we are proud to have contributed through this partnership.”
Richard Clarke, New Product Development Manager at Tata Steel UK said “We needed a partner that would help us drive our journey of digitisation and collaborate to develop a proposition that would create a digital passport for all our steel products. We’re delighted by the results of our collaboration with iov42 and the possibilities that we have opened, and we look forward to working together more closely in the future.”
Get in touch to learn more about the collaboration or how iov42 could help you and your business.