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Canadian blockchain firms secure official grant for steel traceability solution

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Canadian blockchain firms, Mavennet and Peer Ledger have received government funding to build a blockchain-based steel tracing solution. Such a solid backing from a government will help promote blockchain into the mainstream.

The grant comes courtesy of the Canadian government’s initiative called ‘The Innovation, Science, and Financial Development Canada’ (ISED). The agency is responsible for promoting entrepreneurship in Canada by providing financial and research support. A sum of $150,000 was disbursed to both firms.

Canadian blockchain firms to resolve steel industry woes

The Canadian steel industry is growing steadily for a few decades. The government wants to further strengthen the supply chain mechanism by introducing blockchain-based digital traceability. As per data from Statista, steel to the tune of 13.4 million metric tons was churned out by Canada in 2018.

Both Canadian blockchain firms, Peer Ledger and Mavennet, will work together on a ‘Proof-of-Concept’ that will integrate blockchain-based digital traceability into the steel industry’s outdated supply chain. As per ISED, the proposed steel tracing solution will help share live information to improve the supply chain availability for Canada’s metal industry. In an ISED study, it was acknowledged that a suitable traceability solution could help in the industry’s sustainability efforts and promote environmentally friendly steel production. Now the responsibility for the same rests on both Canadian blockchain firms.

Now blockchain knocks on the steel industry’s door

ISED has undertaken a detailed study into the application of blockchain in the steel industry. The government entity notes that there exists an opportunity for the blockchain industry to provide a cutting-edge solution to improve the steel industry’s supply chain. It can contribute to establishing a ‘responsible steel’ industry. The goal for the environmentally-savvy steel industry can be achieved via an extensive pan-industry tracing system that improves the supply chain and brings about more transparency.

Both the Canadian blockchain firms have proven their worth through their respective projects. Peer Ledger built a MIMOSI SaaS platform helping precisely track the production in the Canadian metal industry. Mavennet was tasked by the U.S. Department of Homeland Security to create solutions related to the U.S.-Canada oil import trade. Positive crypto news has been coming out of Canada lately. The country is also actively pursuing research into a central bank digital currency.

Featured Image by Twenty20

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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