MARCO Track & Trace enables the recording, certification, and sharing of environmental and social sustainability efficacy, which supports the demands for transparency and confirmation of ethical practices within mining and steel manufacturing supply chains.
The steel industry is a complex process involving multiple stakeholders. Because of the complexities of these processes, the stakeholders at the two ends of the chain struggle to interact efficiently, creating barriers to communication and loss of information across the chain. In times when customers and regulators are requiring more and more transparency of information.
The steel industry can improve visibility and traceability of its supply chain and drive sustainability and ESG agendas with blockchain technology.
The steel industry is one of the most important industries in the world. It is an integrated process that begins with the extraction and processing of raw materials and ends with the manufacturing of products. It involves multiple stakeholders, including miners, suppliers, manufacturers, retailers, and consumers.
The steel industry is facing several challenges in managing a sustainable supply chain. The complexity of the process and communication gaps between stakeholders can make it difficult to trace materials, products, and processes. This lack of traceability can lead to problems such as counterfeiting, illegal dumping, and environmental degradation.
In addition, the increasing complexity of the global supply chain and the need to adhere to stringent regulations have made it difficult to manage the steel supply chain. The lack of visibility and traceability can lead to inefficiencies in the production process and undermine the quality of the products.
Blockchain is a distributed ledger technology that enables secure, transparent, and efficient data sharing between multiple stakeholders.
Companies can use blockchain technology to track the movement of materials and the end-to-end production process of steel products.
Additionally, using smart contracts for supplier communications and automated business rules validation, companies can take advantage of blockchain to create trust between stakeholders and make sure that transactions are secure and transparent.
Steel is one of the most common materials on Earth, and it is widely used in construction, manufacturing, and many other industries. However, the process of mining, refining, and producing new steel can have a significant impact on the environment, leading to high carbon emissions and other forms of pollution. By recycling steel, we can reduce the amount of energy and raw materials required to produce new steel, which in turn reduces the carbon footprint of the steel industry.
By using a secure and transparent blockchain network, stakeholders in the steel recycling process can be connected and have real-time visibility into the entire supply chain. This can help to prevent fraud and ensure that recycled steel is accurately tracked and traced throughout the entire process, further contributing to sustainability and ESG initiatives.
Blockchain technology helps drive sustainability and ESG initiatives by creating digital product passports to track the provenance of materials and products, enabling us to ensure that recycled steel is of high quality and meets the same standards as new steel, reducing the environmental impact of steel production. By gathering product data, enterprises can accurately report on their sustainability.
This also allows for real-time tracking of any materials and goods, letting all parties involved know where items are and what condition they are in. Furthermore, blockchain technology can also be utilized to guarantee accuracy and validity of data. This ensures that companies have a reliable and correct view of the entire supply chain.
By applying a mass balance approach, manufacturers can track the amount of recycled or renewable materials they are using and ensure that they are sourcing materials responsibly. This will enable companies to create a circular economy and ensure that their products are more sustainable.
The steel industry is facing several challenges in managing a sustainable supply chain. Steel recycling can play a significant role in reducing CO2 emissions and promoting a more sustainable and circular economy. This process involves monitoring and verifying the entire lifecycle of recycled steel, from collection to processing and distribution. Following the journey of feedstocks through the complex production chain is tricky. To improve this process and the delivery of its circular / recycled feedstock to customers, companies have turned to blockchain.
Blockchain allows businesses to measure supply chain efficiencies and empowers business with the only database technology that provides a time stamped immutable audit tracker. The data is recorded accurately, monitored, managed and audited precisely for consumers, regulators, shareholders and internal stakeholders.
Finboot developed MARCO, the first no-code/low-code platform designed to simplify blockchain for business users. MARCO is a blockchain-agnostic platform and has been designed to empower users to rapidly experiment and validate the immediate benefits of using blockchain to efficiently move into live production - at scale.
Within MARCO there is Track & Trace, a solution that provides trusted connections between stakeholders in a supply chain, gathering and sharing data, creating digital product passports and supporting accurate reporting.
The solution also promotes collaboration insights providing near real time supply chain monitoring. Full communication with other stakeholders, helping you take the right decisions at the right time. Reduce lead time, improve stockage, receive early warning signs and improve your sustainability impact.
Perhaps what’s most important, is that MARCO Track & Trace has already been validated in a wide range of sectors, including Oil & Energy, Chemicals, Construction, Mining and Aviation, among others. Its strong customer base includes Repsol, SABIC, Iberia, Minnex, to name a few.
MARCO TRACK & TRACE, enables trusted shared record-keeping between stakeholders in a supply chain.
To know more about MARCO Track & Trace, download for free our ebook:
¨Unlock Web3 with MARCO: Pioneer no-code/low-code platform for blockchain powered digital ecosystems¨.