In January, the Government of Canada contracted blockchain firms Peer Ledger and Mavennet to develop a solution for enabling steel traceability. The goal is to increase industry efficiency, ensure responsible sourcing, and verify requirements within the country.
Halifax-based Peer Ledger and Toronto-based Mavennet System will each receive C$150,000 ($109,735) through Innovative Solution Canada, a government initiative to fund research and development of Canadian small business.
The two companies will work on a proof-of-concept (PoC) for digital traceability in the steel supply chain by using blockchain and artificial intelligence (AI). While the initial focus is on Canadian steel, the project will also explore the North American steel supply chain. Based on the results of the PoC, one of the two companies will receive up to $1 million over the two years to refine its prototype.
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