OTTAWA — The federal government has announced grants for two Canadian firms to help them develop a digital tracing system enabled by blockchain for the Canadian steel supply chain.
The digital tool would capture activities across the steel supply chain to provide government and industry users with better information on supply and demand, origin, and the quality of inputs and outputs, stated a Jan. 24 release.
Peer Ledger Inc., based in Halifax, and Mavennet Systems Inc., based in Toronto, will receive allocations of $150,000 through Innovative Solutions Canada.
The funding will support research and development activities to build a prototype specific to the steel supply chain.
If selected to continue to the program’s next stage, one of the two companies could receive up to $1 million over two years to refine its prototype.
“By turning to Canadian innovators for their best ideas, we’re accessing quality products to solve some of our most pressing challenges while helping businesses grow and create good jobs,” said Minister of Innovation, Science and Industry Navdeep Bains in the statement.