Copy link
Increase text size
Decrease text size
Link copied

Canada partners with blockchain firms Peer Ledger and Mavvent to trace steel

Photo by Pixabay from Pexels

Tue, 10 Mar 2020, 10:11 am UTC

Canada has decided to fund two blockchain firms Halifax-based Peer Ledger and Toronto-based Mavennet System to enable steel traceability in the country.

The Innovation, Science, and Financial Development Canada (ISED), the government’s initiative that is in-charge of promoting research and development of Canadian small and medium-sized enterprises decided to adopt the measure and granted both companies, CAD $150,000 ($109, 735), Ledger Insights reported.

Peer Ledger offers companies a powerful tool to protect human rights, reduce safety risks and improve environmental performance in their supply chains. It is popular for developing a blockchain-based MIMOSI SaaS platform that tracks metal production including gold.

Mavennet is a team of engineers, management consultants, financial and industry professionals who bridge the gap between enterprise and blockchain technology. Its Mavennet for Enterprise (MFE) is a modular platform that enables customization for any use-case, high transaction throughput and seamless connectivity with external blockchain and ERP systems.

Peer Ledger and Mavennet System will work on a proof-of-concept (PoC) for digital traceability in the steel supply chain using blockchain and artificial intelligence (AI). The initial focus is on Canada steel, but the project will eventually explore the steel supply chain in North America. Based on the PoC results, either will receive up to $1 million over the two years to refine its prototype.

“With this challenge, we’re looking for a tool to better trace the steel supply chain and provide information on product supply and demand, instant verification of origin, and quality of inputs and outputs,” said Navdeep Bains, Minister of Innovation, Science and Industry.

Meanwhile, a study conducted by ISED in 2018 found out that creating a mechanism that allows steel traceability can help the industry produce steel in a sustainable and eco-friendly way. Also, the Canadian government welcomes the application of blockchain in the field to establish "responsible steel."

“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 government entity said.

Meanwhile, Walmart Canada partnered with DLT Labs to launch a blockchain-based freight and payment network in 2019.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $11,606.00 (-1.70%)
  • Ethereum (ETH) $379.19 (-4.21%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $302.02 (-4.15%)
  • Bitcoin SV (BSV) $228.43 (-4.09%)
  • Bitcoin (BTC) $11,606.00 (-1.70%)
Feb 21, 2020 (Friday)
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
Brazil to launch new payment system in response to cryptocurrencies
Digital currency exchange Coinbase Pro lists Kyber Network token
Norwegian Air to soon start accepting crypto payments
Swedish central bank begins CBDC pilot with Accenture
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
Telecom companies complete cross-carrier mobile payments using blockchain
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
South Korean ICO project discontinued, to return $7.5M to token holders
Samsung maintains crypto support in soon-to-launch Galaxy S20
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
Coinbase becomes first crypto company to receive Visa principal membership
Dubai Economy and six banks launch KYC Blockchain Consortium
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.