Copy link
Increase text size
Decrease text size
Link copied

Canadian government taps Mavennet for blockchain-based steel tracking platform

Tue, 21 Jan 2020, 10:19 am UTC

Blockchain firm Mavennet has secured a procurement contract from the government of Canada to develop an on-chain steel-tracking platform.

Founded in 2018, Toronto-based Mavennet is a provider of private enterprise blockchain solutions that enable high transaction throughput and interoperability between multiple blockchain platforms. In Nov., the startup was awarded $182,700 by the Department of Homeland Security (DHS) Science and Technology Directorate (S&T) to address CBP needs for tracking cross-border oil imports using blockchain technology.

In the same month, Mavennet was also awarded a 169,427 CAD (approximately US$130,000) contract by the Innovation, Science and Economic Development Canada (ISED), a Canadian government agency with a mandate of fostering a growing, competitive, and knowledge-based economy, CoinDesk reported.

The project, with a six-month duration, aims to “create a novel application of a digital tracing system enabled by blockchain and artificial intelligence for the Canadian and possibly North American steel supply chain for business users and government.”

Accordingly, Mavennet will develop a blockchain proof-of-concept prototype that will allow tracking and sharing real-time data across the supply chain in the domestic steel industry.

Mavennet's CEO Patrick Mandic told CoinDesk that with a blockchain tracing live data points and AI making those patterns meaningful, the solution could create ripples across the multi-billion-dollar industry.

“Ultimately, you’re collecting a lot of data with new levels of granularity,” he explained. “If you’re able to collect information in real time and in a way that you can trust, you’re opening up a world of possibilities for analysis and providing insights to the government.”

In the first phase is successful, Mavennet could further unlock additional two-year government funding of up to $800,000 to continue its development of a deployment-grade system.

“The adoption of new digital technology into Canadian industry will help ensure our firms strengthen their competitive advantage,” said Hans Parmar, a media relations manager for ISED.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

  • Bitcoin (btc) $20,044.00 (+5.25%)
  • Ethereum (eth) $1,370.55 (+3.69%)
  • USD Coin (usdc) $0.999718 (+0.07%)
  • BNB (bnb) $281.05 (+2.65%)
  • XRP (xrp) $0.468593 (-0.86%)
  • Bitcoin (btc) $20,044.00 (+5.25%)
Jul 15, 2021 (Thursday)
13:30
BTC Surges by 1.16% Within 5 Mins, Marking 31,824.01 USDT
12:06
BTC Surges by 1.12% Within 5 Mins, Marking 32,104.8 USDT
10:25
BTC Drops by 1.03% Within 5 Mins, Marking 32,171.88 USDT
02:13
TriumphX Scouts 'MINAMCOMPANY' CEO Woo-Seong Lee As Creative Director
02:00
ETH Tops List Of Crypto Net Inflow With $298.96 Mln In Past 10 Hours
Jul 14, 2021 (Wednesday)
13:14
BTC Surges by 1.03% Within 5 Mins, Marking 32,738.08 USDT
09:03
BTC Surges by 1.01% Within 5 Mins, Marking 31,899 USDT
02:30
Crypto Market Sentiment On Jul 14: Market In "Extreme Fear"
02:00
ETH Tops List Of Crypto Net Outflow With $224.97 Mln In Past 10 Hours
Jul 13, 2021 (Tuesday)
02:30
Crypto Market Sentiment On Jul 13: Market In "Extreme Fear"
02:00
ETH Tops List Of Crypto Net Outflow With $178.61 Mln In Past 10 Hours
Jul 12, 2021 (Monday)
02:30
Crypto Market Sentiment On Jul 12: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Inflow With $164.82 Mln In Past 10 Hours
Jul 11, 2021 (Sunday)
21:31
BTC Surges by 1.02% Within 5 Mins, Marking 34,475.6 USDT
10:00
ETH Tops List Of Crypto Net Inflow With $122.76 Mln In Past 18 Hours
06:17
SOBA Listed On LATOKEN
02:30
Crypto Market Sentiment On Jul 11: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Outflow With $87.56 Mln In Past 10 Hours
Jul 9, 2021 (Friday)
21:40
BTC Surges by 1.08% Within 5 Mins, Marking 33,911.8 USDT
02:30
Crypto Market Sentiment On Jul 09: Market In "Extreme Fear"
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.