The Canadian government has been investing in blockchain projects seeking to transform various industries through the burgeoning technology that promises practically everything. The country recently took the wise decision of involving blockchain firms to supervise the operations of its steel industry owing to the immense potential the sector has shown in the country.
A statistical report recently confirmed the growth in the production of steel in Canada. In fact, in 2018 alone Canada produced 13.4 million metric tons of steel, says the report. Owing to this, the Canadian authorities have approved the funding of Peer Ledger and Mavennet, two blockchain firms planning to create a steel traceability platform.
The Blockchain Impetus
The Innovation, Science and Financial Development Canada has instigated the research for small and medium-sized enterprises in Canada, granting CAD 150,000 to both the companies. According to reports, a tracking technology that goes by the name of GrainChain facilitates secure payment procedures between farmers and customers and also ensures the traceability of commodities. The plan is to implement the same idea in the domain of steel production as well.
How Blockchain will Help?
The two blockchain firms Peer Ledger and Mavennet will also be working on the Proof of Concept prototype. This will be a digital traceability idea for the supply chain process with the usage of blockchain and Artificial Intelligence. The objective here is to ensure ease of tracking and record-keeping of the supply chain and keeping frauds at bay. In this manner, the production of steel can take place under more environment-friendly circumstances.
The arrival of blockchain into the steel industry is greatly encouraged by the Canadian government claiming it as a new opportunity for the blockchain industry itself. Blockchain technology has also been integrated into the cross border oil import between the U.S. and Canada. In fact, today, the blockchain technology is employed as an effective measure in all business spheres world-wide.