In January 2020, the Government of Canada contracted blockchain firms Peer Ledger and Mavennet to develop steel-tracking platform to enable steel traceability. The goal is to increase industry efficiency, ensure responsible sourcing, and verify requirements within the country.
Peer Ledger has developed the blockchain-based MIMOSI SaaS platform for responsible sourcing. The platform focuses on tracing the supply of gold and other metals to reduce safety risks, improve environmental compliance. It has also worked with pharmaceutical companies to provide blockchain-enabled identity and access management to protect intellectual property.
Mavennet’s solution is based on the AION blockchain and offers various enterprise solutions. The company’s website says it has previously worked with the Hong Kong Monetary Authority, Deloitte, Vodafone, Moog and the Toronto Stock Exchange.
The intention set out by ISED is for Mavennet to develop a blockchain proof-of-concept (PoC) for digital traceability in the steel supply chain by using blockchain and artificial intelligence (AI). The project will also explore the North American steel supply chain.
Mavennet CEO Patrick Mandic said in an interview that with a blockchain to dwell AI and knowledge factors to make these patterns vital, the system might have ripples throughout the multi-billion-dollar business.
“You’re gathering numerous knowledge with new ranges of granularity. For those who’re in a position to accumulate info in actual time and in a method that you would be able to belief, you’re opening up a world of potentialities for evaluation and offering insights to the federal government.” Mavennet CEO.
“The adoption of recent digital expertise into Canadian business will assist guarantee our companies strengthen their aggressive benefit,” said Hans Parmar, a media relations supervisor for ISED.
Canada’s metal business is a large worldwide exporter, especially to the U.S. However that heavy reliance was shaken by President Trump’s 2018 metal tariffs and the subsequent market uncertainty.
According to Statista, Canada produced more than 13.4 million metric tons of steel in 2018 alone. The proposed blockchain platform, according to the ISED, would be in charge of controlling and sharing in real-time the information of the chain availability within the national metal industry.