Canada Selects Mavennet for Blockchain Based Steel Traceability
The Government of Canada has turned to the private sector to find ways to improve the end to end traceability of the steel supply chain in Canada.
The Government of Canada has turned to the private sector to find ways to improve the end to end traceability of the steel supply chain in Canada. Canada’s Minister of Innovation, Science & Industry Mr François Philippe Champagne announced the selection of Toronto based Mavennet, which over the next two years will refine its prototype for a digital tracing system that uses blockchain and artificial intelligence. Mavennet will receive CAD 1.125 million through Innovative Solutions Canada, a program that invites Canadian small business to develop innovative solutions to address government challenges. Mavennet will work closely with various government departments and the Canadian steel industry over the next 15 months to pilot this prototype technology.
This technology could help the Government of Canada’s decision making process and possibly ease and digitize the procedures for clearing customs. For steel companies, this technology could help improve supply and demand forecasts, allow for instant verification of origin, confirm responsible sourcing, reducing costs, and increase efficiency and productivity. This system could be used in the Canadian and possibly North American, steel supply chain for businesses and government.