The Canadian authorities have just granted a significant amount of money to Peer Ledger and Mavennet, 2 blockchain firms that are working on the development of a platform to trace steel, Ledger Insights has reported.
The Innovation, Science, and Financial Development Canada (ISED) has approved the provision of $150,000 to these companies.
As part of the cooperation, Peer Ledger and Mavennet will work together to develop a proof of concept that aims to enable tracing of the whole steel supply chain through AI and cryptos’ underlying tech.
It is no surprise that the Canadian authorities have decided to invest in the project if we take into consideration the fact that according to Statista, Canada produced more than 13.4 million metric tons of steel in 2018. Thus, this new blockchain platform would allow for real time tracing of this metal.
According to a study carried out by ISED, the use of this platform can have a positive impact on the environment, since it will increase the efficiency of the entire manufacturing process of this metal.
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