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    Mavennet Systems to Provide Blockchain Tracking Oil Imports for US Customs and Border Protection

    Department of Homeland Security's Customs and Border Protection to implement Mavennet Systems blockchain as a service platform to audit Canadian natural gas and oil trading markets.

    The U.S. Customs and Border Protection, which falls under Homeland Security is set to use a blockchain-based system to track oil and gas imports from Canada. The research and development wing of the agency has granted $182,700 to Mavennet Systems for building a blockchain-as-a-service platform.

    Anil John, the technical director of the research wing's silicon valley innovation program believed the partnership would allow for real-time tracking and auditing of all the imports making the process more efficient.

    He said,

    “Mavennet’s platform could provide this digital audibility while ensuring broad interoperability by supporting emerging World Wide Web Consortium standards such as decentralized identifiers and verifiable credentials,”

    The United States imported 96% of total crude oil exports from Canada which averaged at 3.5 million barrels per day in 2018. Thus, managing such a large amount of imports is a daunting task. Putting the data on the blockchain would make the job easier and more efficient with real-time tracking.

    John believed the use of modern tech like blockchain is of great interest to the US Customs and Border Protection agency, he said,

    “Accurately tracking the evidence of oil flow through pipelines and refinement between the U.S. and Canada and attributing oil imports with the accurate composition and country of origin are of great interest to U.S. Customs and Border Protection,”

    However, the decision to use DLT was not out of the blue as the Department of Homeland Security has been invited in the tech since 2015. The silicon valley innovation program was started around the same time where the agency offered as high as $800,000 to startups who can build products and real-world use cases for the agency.

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    Lillian Peter
    Lillian Peter
    Lillian P has a knack for anything that teases the mind, with a keen interest in the blockchain technology, cryptocurrencies, and anything in between. Can bring to life the most difficult and boring concepts in the blockchain space. Lillian is a brilliant writer working with various publications.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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