The Canadian government is investing $300,000 in a project that will allow digital tracing of steel and ensure the integrity of its supply chain.
The technology is being developed by two Canadian companies —Halifax-based Peer Ledger and Toronto-based Mavennet Shstems—who will each receive $150,000 through Innovative Solutions Canada, a small business program that helps address government challenges. One of the two companies may be selected to continue developing the prototype, and could receive upwards of $1mn.
The platform will incorporate blockchain and artificial intelligence, and may eventually be available beyond Canada’s borders and across the continent.
Information pertaining to the steel supply chain is not easily decipherable. Moreover, a standardized information sharing platform does not exist at persent, which can result in delays obtaining data that affects government operations and profitability in the steel business.