Hello sir, sorry for replying late. It's possible but it will be trickier to hold here. Deviantart is more friendly OCT themed story competitions because you can create groups with its own galleries, that can hold contestants' comic chapters. Basically, a place to properly store huge amount of entries and chapters.

Steemit works more like twitter and tumblr, where you just start a trend/event post and gather people to particpate in the fun event.
However, if I were to start a story contest, where it just tests short stories rather than 5-6 chapters rush, then it could work.

Then again, I'd need to find reliable judges to judge in the contest. What I can share from the OCT community, is that the judges don't just judge. They also start little events in groups to keep the hype up, control drama problems, socialize with contestants, make sure rules are followed and more.

But I will think about it sir, after my current OCT is finished XD