Canadian steelmakers will track steel supplies using a blockchain.

   Canadian authorities have invested in two block companies, Peer Ledger and Mavennet, to develop a steel supply tracking platform.

As part of the government's ISED initiative, companies were given CAD 150,000 each. The money will be used to develop a block-platform where all stages of steel supply can be tracked.

For 2018, Canada delivered 13.4 million tons of steel. The delivery tracking platform will be able to provide all the necessary data in real time. The platform will provide the national steel industry with a convenient tool for tracking shipments. It will also help make production more sustainable and environmentally friendly.

"The Canadian steel industry has the opportunity to introduce a new, advanced approach to steel and material supply. This goal can be achieved through a strict industry-wide supply chain tracking mechanism and increased transparency," said ISED.

ISED has previously funded Mavennet to develop a steel supply chain block system. In addition, last year Mavennet received investments from U.S. Customs to develop a system for tracking oil and gas supplies from Canada.