Canadian Govt Funds Two Blockchain Firms To Track Steel Through Supply Chain
- Canadian ISED has approved funding for research into a Blockchain solution that would incorporate AI to help in traceability of the Country’s Mega steel industry supply chain.
- They have sought the services of two Blockchain solution firms Mavenett and Peer Ledger.
Reports have surfaced that the Canadian Government has sought the services of two Blockchain solutions firm to create a Blockchain platform that would help trace its steel.
The government through an initiative tasked with development of Canadian SME’s, the Innovation, Science, and Financial Development Canada (ISED) has awarded Mavenett and Peer Ledger each $150,000 to help address steel traceability concerns.
The two companies will be working on the feasibility of a prototype that would digitize the traceability of the whole steel industry ecosystem via AI and Blockchain. As per ISED’s user requirements the Blockchain solution should be able to incorporate AI enabled data analytics to better capture activities across the supply chain.
According to statistics from analytics company Statista, the Canadian Steel industry in 2018 alone produced around 13.4 million metric tons a slight bump from 2017’s 13.2 million tons.
Need for responsible steel
ISED was concerned by the lack of a modern measure in place to help track steel products and input in the country. The situation has been worsened by the lack of a standard way and medium by which the information would be shared causing even further delays.
The platform would be able to give insight in the product supply and demand, show origin and quality of the steel produced to enhance promote ‘responsible steel’. They have insisted on a user friendly solution that would not cost a fortune to integrate with the existing government and industry infrastructure to speed up adoption process.
Peer Ledger has worked on a similar project in a previous contract. They developed the MIMOSI SaaS Blockchain platform primarily for responsible sourcing of metals inclusive of precious metals.
Notably Mavenett has previously dealt US Department of Homeland Security in a $182,700 contract to develop transform their oil and gas industry Blockchain security technology to facilitate custom border authorities in tracking cross border oil imports.