Tata Steel UK and iov42, a UK-based blockchain-inspired start-up, have been selected for the second time by Blockchain Connected, for the “Demonstrating the Potential of Blockchain” challenge, funded by the Welsh Government.
The collaboration will further showcase Wales as a growing centre of excellence for blockchain applications, by creating an industry-wide solution to digitally capture the receipt of steel deliveries.
The solution will work with existing logistic partners of Tata Steel UK, to further improve the transparency, security, and overall efficiency of the steel supply chain.
In December 2022, 28 countries across Europe, the Middle East & Africa, recorded cargo losses of more than €17 million in 31 days due to stolen freights.
iov42’s state-of-the-art Distributed Ledger Technology (DLT) will allow Tata Steel to identify stakeholders involved in the delivery and exchange of goods, providing irrefutable evidence of an item’s receipt.
David Coleman, Chief Product Officer at iov42, said: “After our successful collaboration with Tata Steel UK in 2022, we are thrilled to be working with the organisation again to build on our existing partnership.
"Since the creation of the Digital Product Passport last year, we have continued to support their efforts in regards to decarbonisation and responsible sourcing. We are excited to be continuing this journey with the development of this new solution, further showcasing how Distributed Ledger Technology can build trust, save money and cut back on environmental damage.”
Richard Nicholls, Head of eCommerce & Electronic Data Interchange at Tata Steel, added: "We are excited to be partnering with iov42 again thanks to the support of Blockchain Technology and the Welsh Government.
"We produce and move over 3 million tonnes of steel per year, across our locations and to our customers. Underpinning this activity is significant engineering and technical development work, helping optimise outcomes at every stage from ensuring and digitally capturing the arrival of steel at the correct destination, through to tracing its entire product lifecycle.
"We want to make sure we are doing everything we can to support our customers to manage their valuable inventory through improved traceability and accountability.”
Avril Lewis, Managing Director, from Technology Connected said: “Blockchain technology holds vast potential, but we need to raise awareness of its limitless applications.
"We set up Blockchain Connected as part of the Technology Connected family to build a community here in Wales, and the challenge fund was designed to help provide real-world case studies of blockchain applications in diverse fields. This collaboration is an excellent example of how this technology can robustly track goods through supply chains.”
Currently, 28.5 billion paper trade documents are being printed and flown in shipments daily. The move over to digital will not only cut down on paper costs and usage, but will also cut emissions by 10%. The solution will also enable organisations to:
- Track the point of receipt in real-time, reducing the risk of delays or disruptions.
- Improve efficiency by removing the administrative burden associated with delivery management.
- Enhance security by ensuring that goods are delivered to the correct recipient by requiring them to sign for the delivery using an electronic cryptographic signature.
- Improve cash flow by removing the delays between an item being delivered, invoiced and paid for.
- iov42 is the identity platform for building trust. Based on an evolution of blockchain, iov42 is enhanced with several other pioneering technologies that make it simple, fast and secure. This ensures organisations, governments and societies can coordinate confidently in the digital space, by enabling trusted, transparent and secure transactions. iov42 is based across the UK and Europe but with a global reach.
About Tata Steel UK
- The Tata Steel Group has been named one of the most ethical companies in the world, and is among the top producing global steel companies with an annual crude steel capacity of 34 million tonnes.
- Tata Steel in the UK has the ambition to produce net-zero steel by 2050 at the latest, and to have reduced 30% of its CO2 emissions by 2030.
- Tata Steel is the largest steelmaker in the UK with primary steelmaking at Port Talbot in South Wales supporting manufacturing and distribution operations at sites across Wales, England and Northern Ireland as well as Norway, Sweden, France and Germany. It also benefits from a network of international sales offices around the world.
- Tata Steel employs more than 8,000 people and has an annual crude steel capacity of 5 million tonnes, supplying high-quality steel products to demanding markets, including construction and infrastructure, automotive, packaging and engineering.
- Tata Steel Group is one of the world's most geographically-diversified steel producers, with operations and a commercial presence across the world.
- The Group recorded a consolidated turnover of US $32.83 Bn in the financial year ending March 31, 2022.