Canada Awards C$150K to Firms Developing Blockchain Platform For Tracking Steel

Canadian authorities have cleared funding proposal for two blockchain startups namely Peer Ledger and Mavennet, in order to develop a platform that facilitates monitoring of steel supply chain.

According to Ledger Insights, the Innovation, Science and Financial Development Canada (ISED), tasked with promoting research and development activities by the country’s small and medium-sized companies, has awarded both enterprises with C$150,000.

Halifax-based Peer Ledger and Toronto-based Mavennet will work on a proof-of-concept (PoC) model for digital tracking of the complete steel supply chain process by utilizing blockchain technology and artificial intelligence.

As per Statista, in 2018, Canada manufactured over 13.40 million metric tons of steel. The intended blockchain platform, as per ISED, would control and disburse real-time data on chain availability within the domestic metal sector.

As per a study carried out by ISED in 2018, the availability of a platform that facilitates steel tracking can also satisfy the sector’s need to manufacture in an ecofriendly and sustainable manner. The Canadian government backed organization explained their points of view in a research about applying blockchain in a sector:

“An opportunity exists for the Canadian steel industry to implement a new, cutting-edge approach to the sourcing of steel and inputs, and therefore establishing ‘responsible steel’. This goal could be achieved through a rigorous industry-wide tracing mechanism within the supply chain, and through increased transparency.”

Peer Ledger is popular for it blockchain powered MIMOSI SaaS platform that guarantees accountable sourcing, usually centered on tracing metal manufacturing, including Aurum Utalium (Gold).

In case of Mavennet, the US Department of Homeland Security (DHS) granted $182,700 to employ a blockchain based platform for cross-border oil imports between the US and Canada.