Mavennet, Canada-based startup specialized in blockchain technology, was awarded a procurement contract by government of Canada to develop a platform steel-tracking blockchain.
Innovation, Science and Economic Development Canada (ISED), the department of the Government of Canada with a mandate of fostering a growing, competitive, and knowledge-based Canadian economy, published the award in mid-November 2019.
As per terms of the contract, ISED will cooperate with Mavennet through funding the project for 6 months with $130,000.
On the other hand, Mavennet will build a blockchain platform to track and share real-time data in Canada’s steel industry, that produces over 10 million metric tons per annum.
Patrick Mandic, Mavennet’s CEO, said that: “With a blockchain to trace live data points and AI to make those patterns meaningful.”
“Ultimately, you’re collecting a lot of data with new levels of granularity,” he said. “If you’re able to collect information in real time and in a way that you can trust, you’re opening up a world of possibilities for analysis and providing insights to the government”, he added.
“The adoption of new digital technology into Canadian industry will help ensure our firms strengthen their competitive advantage,” said Hans Parmar, a media relations manager for ISED.
It is worth noting that, after Phase 1 realizing its goal, Mavennet may receive additional funding of more than $600,000 to continue building the entire system.