Tata Steel UK and iov42 have announced the details of an eight week project aimed at improving traceability in the steel industry through the introduction of digital product passports.
Using iov42’s state-of-the-art distributed ledger technology, Tata Steel UK and iov42 collaborated to develop a prototype that not only meets Tata Steel UK’s specific needs, but also provides industry-changing capabilities that provide organizations with accurate and up-to-date up-to-date information about their steel supply chains.
This type of technology is an essential tool to address the challenges of responsibly sourced materials like steel. As a key element of the UK’s decarbonisation strategy, the ability to demonstrate and provide high quality data on the source of materials and the corresponding carbon footprint will prove invaluable for companies across the supply chain to drive greater sustainability.
The iov42 prototype provides companies with the fundamental technology to address this problem by allowing users to scan a steel product with a smart device and instantly retrieve all the relevant information they need – be it 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 along the supply chain.
“Our collaboration with Tata Steel UK has been an essential step in developing the industry’s best tools for providing 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 show how our technology can benefit other key commodities such as steel. Our common goal from the beginning has been to find a balance between a smooth user experience and a significant improvement in trust between the multitude of supply chain actors involved in the steel value chain. It’s trendsetters like Tata Steel that are having the impact to create new standards and a stronger, more sustainable digital economy, and we’re proud to have contributed through this partnership.”
Richard Clarke, New Product Development Manager at Tata Steel UK said: “We needed a partner to help us drive our digital journey and work together to develop an offering that would create a digital passport for all our steel products. We are thrilled with the results of our collaboration with iov42 and the opportunities we have opened up, and look forward to working more closely together in the future.”
The partnership between Tata Steel UK and iov42 was part of a broader initiative funded by the Welsh Government to explore the possibilities of blockchain technology as part of Blockchain Connected’s “Demonstration the Potential of Blockchain” research and development challenge.