British start-up iov42 has announced a new collaboration with Tata Steel UK, to explore the capabilities of blockchain technology as part of Blockchain Connected’s research and development challenge “Demonstrating the Potential of Blockchain”, funded by the Welsh Government.
Launched in January this year, the “Blockchain Challenge” is being delivered by Blockchain Connected – part of Technology Connected, which is the network for the technology industry in Wales. iov42 and Tata Steel UK will be working together on a prototype implementation of a Digital Product Passport and blockchain solution for Steel traceability. Industrial manufacturing is one of Wales’ biggest sectors, and digital transformation within it could be a major catalyst to further growth in the region.
During the project iov42 is:
- Gathering feedback from Tata Steel UK and its customers about the feasibility of the prototype and its application to support business and commercial challenges.
- Sharing lessons learned with the Welsh government to aid further decision-making around blockchain investment and applicability.
- Taking information, feedback, and lessons learned from the project to create an initial plan for a wider end-to-end solution for Tata Steel UK.
Richard Clarke, New Product Development Manager at Tata Steel UK said:
“We are delighted to be working with iov42 on such an innovative project, applying cutting edge solutions to help us maintain sustainable growth in what is quite a traditional industry. We’re always looking to learn, adapt and evolve to support commercial opportunities, and we’re confident that this exploratory project will allow us to assess the feasibility of blockchain to overcome existing obstacles.”
David Coleman, Chief Product Officer at iov42 added:
“Following the success of our Timber Chain project, it’s a natural next step for iov42 to explore how our technology can benefit other commodities, such as steel. We are humbled to have been chosen as just one of 9 companies selected, out of a total of 105 applications. We very much look forward to working with Tata Steel UK to explore the full capabilities of blockchain – and more specifically, Distributed Ledger Technology (DLT)”.