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

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.

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