Canadian ISED Invests in Blockchain Steel Supply Tracking Project

Canadian authorities have approved funding for two companies that will create a blockchain platform that enables steel traceability. Both companies received Canadian $150,000 as part of a government initiative to promote the research and development of Canadian SMEs.

Canada's steel industry has grown markedly over several decades. According to Statista, in 2018, Canada produced 13.4 million metric tons of steel. The Innovation, Science, and Financial Development Canada (ISED) hopes that advanced technology will support further development of industry. Thus, the blockchain platform will facilitate the rapid exchange of information on the steel production and supply.

Peer Ledger (based in Halifax) and Mavennet (based in Toronto) will deal with this task. Blockchain and artificial intelligence will be used to track the entire process of the steel supply chain. It is worth noting that Peer Ledger already has experience in developing the Saim blockchain platform for tracking metal production, including gold.

Image courtesy of Kloepfel Consulting