Government Support for Blockchain Innovation
The Canadian authorities have decided to lend a helping hand (and a few bucks) to the blockchain world! Funded by the Innovation, Science, and Economic Development Canada (ISED), two blockchain firms, Peer Ledger and Mavennet, have received a total of CAD $150,000. This cash injection aims to foster a groundbreaking platform that will take the thrill of steel traceability to a whole new level.
The Steel Supply Chain Revolution
Peer Ledger, nestled in the coastal city of Halifax, along with Toronto’s own Mavennet, are both gearing up to create a proof-of-concept (PoC) prototype that harnesses the unbreakable power of blockchain and the smartness of artificial intelligence to track every twist and turn of the steel supply chain. Who knew steel could be so tech-savvy?
Why Steel Traceability Matters
Canada’s steel production is no small fry, with more than 13.4 million metric tons produced in a single year—2018, to be precise. And that’s not just for building fancy bridges or modern art sculptures. It’s about ensuring that this fundamental resource can be traced responsibly throughout its supply chain. The new blockchain platform is expected to provide real-time visibility into the availability of steel, ensuring that even the most paranoid supply chain manager can sleep easy at night.
A Sustainable Approach for the Future
According to a study by ISED, there’s an urgent need for the steel industry to step up its game and become more sustainable. This new mechanism for steel traceability could significantly contribute to the industry’s green journey. Imagine, steel that not only shines bright but also boasts a lower carbon footprint! Sustainable steel—it’s like the eco-friendly superhero of the metal world.
The Opportunities Ahead
The ISED believes that blockchain could set the stage for a new era of responsible sourcing in the Canadian steel industry. As they put it, “An opportunity exists for the Canadian steel industry to implement a new, cutting-edge approach to the sourcing of steel and inputs.” Talk about taking transparency to the next level! With robust tracing mechanisms, the promise of ‘responsible steel’ could become a reality.
“With increased transparency comes greater accountability!”
Noteworthy Plans for Peer Ledger and Mavennet
Peer Ledger isn’t a stranger to this tech scene; they already have a blockchain-based SaaS platform focused on responsible sourcing of metals, including gold. Meanwhile, Mavennet, fresh off snagging funds from the U.S. Department of Homeland Security for their blockchain integration project for cross-border oil imports, is ready to dive into the steel world too. It seems both companies are on a rising tide in the blockchain sea!
Stay tuned, because as we wait for a response from Mavennet and Peer Ledger regarding further developments, the metal industry is about to learn that blockchain isn’t just for crypto anymore!
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