Canadian metallurgists will track steel shipments with blockchain

Canadian authorities have invested in two blockchain companies Peer Ledger and Mavennet to develop a tracking platformsteel supplies.

As part of the government initiative ISEDcompanies were allocated C$150,000. The money will be used to develop a blockchain platform on which it will be possible to track all stages of steel supply.

For 2018, Canada delivered 13.4 million tons of steel. On the supply tracking platform, it will be possible to navigate all the necessary data in real time. The platform will provide the national metallurgical industry with a convenient tool for tracking supplies. In addition, it will help make production more sustainable and environmentally friendly.

"The Canadian steel industry hasthe opportunity to introduce a new, innovative approach to the supply of steel and materials. This goal can be achieved through a strict industry-wide mechanism for tracking supply chains and increasing transparency,” ISED representatives noted.

Previously, ISED had already allocated funds to the companyMavennet to develop a blockchain system for tracking steel supplies. In addition, last year Mavennet received investment from the US Customs Department to develop a system for tracking oil and gas shipments from Canada.

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