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Canadian Government Awards Mavennet Contract for Blockchain-Based Steel Tracking Platform

Steel News - Published on Thu, 23 Jan 2020

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Blockchain firm Mavennet has secured a procurement contract from the government of Canada to develop an on-chain steel-tracking platform. In November, the startup was awarded CAD 182,700 by the Department of Homeland Security Science and Technology Directorate to address CBP needs for tracking cross-border oil imports using blockchain technology. In the same month, Mavennet was also awarded a CAD 169,427 contract by the Innovation, Science and Economic Development Canada, a Canadian government agency with a mandate of fostering a growing, competitive, and knowledge-based economy, CoinDesk reported.

The project, with a six-month duration, aims to create a novel application of a digital tracing system enabled by blockchain and artificial intelligence for the Canadian and possibly North American steel supply chain for business users and government. Accordingly, Mavennet will develop a blockchain proof-of-concept prototype that will allow tracking and sharing real-time data across the supply chain in the domestic steel industry.

Founded in 2018, Toronto-based Mavennet is a provider of private enterprise blockchain solutions that enable high transaction throughput and interoperability between multiple blockchain platforms.

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Posted By : Rabi Wangkhem on Thu, 23 Jan 2020
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