The Innovation, Science and Economic Development Canada (ISED) set out the target for Mavennet to build a blockchain proof-of-concept model that can track and share real-time data across the supply chain in the Canadian steel industry, as reported by Yahoo finance.
Mavennet may receive funding of up to $800,000.
According to ISED, if phase one proves successful, Mavennet may unlock additional two-year government funding of up to $800,000 to continue building a development-grade system. Hans Parmar, a media relations manager for ISED, said that the adoption of new digital technology into the Canadian industry would help ensure their firms strengthen their competitive advantage.
“This could ripple across the multi-billion dollar industry.”
The CEO of Mavennet, Patrick Mandic, said that with a blockchain to trace live data points and AI to make those patterns meaningful, the system could have a ripple effect across the multi-billion dollar industry. He further said, “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. “