Canadian government has reportedly authorized financial support for 2 blockchain companies – Peer Ledger and Mavennet – to come up with a solution that helps trace steel. 

Specifically, The Innovation, Science, and Financial Development Canada (ISED) – the governmental body responsible for boosting the research and growth of small and medium-scaled corporations in the country – has approved of CAD $150,000 worth of funding for the 2 firms.

Peer Ledger and Mavennet – located in Halifax and Toronto respectively – will collaborate on a proof-of-concept (PoC) prototype, particularly designed to use blockchain as a viable tool to offer digital traceability for the whole steel supply chain. 

Solely in 2018, Canada reportedly produced 13.4 million metric tons of steel. The blockchain tool being developed will provide supervision and data sharing of the chain availability, in a real-time manner, across the metal sector of the nation. 

“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.” The Canadian authorities shared their remarks regarding the use of blockchain in the sector.