The Government of Canada turned to the private sector to find ways to improve the end-to-end traceability of the steel supply chain in Canada. By doing so, the government is using its advantage as the country’s single-largest purchaser of Canadian goods and services to support the growth of homegrown innovators and entrepreneurs.
On 26th February, the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, announced the selection of Mavennet, which, over the next two years, will refine its prototype for a digital tracing system that uses blockchain and artificial intelligence. This system could be used in the Canadian, and possibly North American, steel supply chain for businesses and government.
This technology could help the Government of Canada’s decision-making process and possibly ease and digitize the procedures for clearing customs. For steel companies, this technology could help improve supply and demand forecasts, allow for instant verification of origin, confirm responsible sourcing, reduce costs, and increase efficiency and productivity.
The Toronto-based company will receive $1.125 million through Innovative Solutions Canada—a program that invites Canadian small business to develop innovative solutions to address government challenges.
Innovative Solutions Canada is a key component of the government’s Innovation and Skills Plan, a multi-year plan to make Canada a global innovation leader and prepare Canadians to succeed in tomorrow’s economy.
Learn more here.