SteelTrace uses blockchain to iron out digital transformation and traceability issues in the steel industry
There comes a time during the early life cycle of a new technology where theorizing is not enough. Conceptualizing is a crucial part of tech development, but a technology cannot grow and reach its full potential without constant iterations, prototyping and building practical applications.
To illustrate this with an example from the blockchain space, it has been long theorized that DLT is great for building solutions for the supply chain industry, but without actually developing such solutions there is no way to fully understand the technology’s capacity to help supply chain management. Fortunately, there has been a significant corporate interest in SCM-related use cases fueling efforts to build practical applications for the space.
SteelTrace, a Dutch, Maastricht-based start-up, founded in 2017, is one of the prominent players looking to drive blockchain adoption across this field.
Blockchain solutions for steel supply chains
SteelTrace was born from the realization that blockchain technology could be leveraged to aid the growing effort toward digital transformation and to improve security, transparency and traceability across supply chains of steel for the chemical and petrochemical industries. SteelTrace’s founder Tom Meulendijks came up with the idea in the summer of 2017, when he discovered a growing need for more secure material test certificates across the industry. So he set out to create a blockchain-powered steel certification platform.
Working with LimeChain
Realizing this vision required a capable and battle-harden blockchain developer that could helm the development effort. Having built a strong track record and an impeccable reputation among the blockchain developers community, LimeChain emerged as the perfect fit for the project.
With LimeChain on board, the project enjoyed a smooth transition from an innovative concept to a functional product. Utilizing Ethereum, our team developed and configured a permissioned, proof-of-authority network, building key components such as the blockchain architecture, as well as additional features, including a tracking module for tracking transactions and monitoring nodes. The team wrote several smart contracts to store information and logic related to the different components and features of the platform.
The productive collaboration between SteelTrace and LimeChain led to the creation of a robust platform for traceability and certification of steel products. The SteelTrace platform is capable of: tracking origin and movement of steel products and ensuring product authenticity through tamper-proof digital certificates; storing data in an immutable and transparent way; facilitating secure transfer of digital certificate ownership; connecting the various participants involved in a steel supply chain and more.
The future
SteelTrace has made a strong case for the use of blockchain for building SCM solutions for the steel industry and is an early mover in a space that needs a healthy dose of digital transformation. Given its focus, it’s perhaps not a coincidence that the platform was conceived in the Limburg province, which is regarded as a vibrant hub of chemical and material science in the Netherlands. But while its origin can be traced back to a specific region, SteelTrace’s utility seems bound to garner a global appeal.