Canadian Government Funds Development of Blockchain to Track, Analyze Steel Industry

• Mavennet to build blockchain-powered platform which will analyze and monitor the Canadian steel industry

The Canadian government has given six months of funding to Mavennet, equivalent to USD 130,000, in order to build a blockchain-based supply chain platform to track and analyze the multi-billion dollar Canadian steel industry. Apparently, over 10 million metric tons of steel is produced in Canada per year.

Specifically, this blockchain will trace live data points, which will then be fed into an artificial intelligence (AI) program to find meaningful patterns. Ultimately, the point is to provide insights to the industry and to the government.

Also, the blockchain will provide an immutable record of transactions in the steel industry, which will be useful for stopping tariff dodgers, who route their steel exports through untaxed markets. Indeed, President Trump of the United States put higher tariffs on the steel industry due to tariff dodgers, and this blockchain technology could help eliminate tariff dodgers.

In general, a blockchain-powered supply chain will help cut down on fraud and inefficiencies in the Canadian steel supply chain, leading to a shorter, stronger, and more profitable supply chain.

If Mavennet is successful, it could receive another USD 800,000 to build a system that could be deployed throughout the entire industry.

 

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