Canadian authorities have proposed state funding for blockchain startups Peer Ledger and Mavennet in order to develop a blockchain-based platform for tracking the steel supply chain.
The Innovation, Science and Financial Development Canada (ISED), working on the promotion of development initiatives and increasing the attention of tech companies to the project, has provided the two companies with $150,000 funding. This task has been given to the state authority by small and medium-sized businesses that required new digital solutions for steel trace that will be universal, safe and secure. This was one of the greatest priorities for the agency, as it is responsible for promoting entrepreneurship in Canada by providing financial and research support.
Halifax-based Peer Ledger and Toronto-based Mavennet will work together on the development of a proof-of-concept (PoC) model for digital tracking of the complete steel supply chain process by utilizing blockchain technology and artificial intelligence. The main focus of the project is the Canadian steel industry, but it will ultimately explore the North American steel supply chain. Depending on the results of the project, they might receive up to $1 million in funding for the development of their prototype.Canada is currently facing the period of powerful growth of steel industry, that has started several decades ago and is now demonstrating significant results - according to Statista, Canada has produced 3.4 million metric tons of steel in 2018. A study conducted by ISED in 2018 has found out that the elaboration of universal mechanism for steel trace can help the industry to start producing eco-friendly steel.