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.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

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

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,471FansLike
2,795FollowersFollow
4,194FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Kraken Exchange Onboards Swiss Bank InCore to Help Euro Clients Buy Crypto With Fiat

Swiss Bank InCore has just become the first banking institution in the nation to provide banking services to Kraken crypto exchange. The deal, which was...

Bank Of Japan (BoJ) Launches ‘Technical' Study to Experimenting CBDCs

The race to launch a sovereign digital currency is heating up as Japan became the latest country to venture into a central bank digital...

This Top Coin, Being the Worst Performer of 2020, Is A Disappointment to the Crypto Market

The fourth-largest cryptocurrency by market cap is currently trading at $0.176 in green by 1.66%, like the majority of the market. With 8.61% losses In...

Cryptocurrency Payment Processor BitPay Finally Announces Support for SegWit

Bitpay, the crypto payment processing giant, has finally integrated the segregated witness (SegWit) protocol, a second layer scalable solution to make bitcoin processing cheaper....

Crypto Hardware Wallet Ledger: ‘Funds are Safe' After ‘BigSpender' Vulnerability Found

A vulnerability was recently discovered by ZenGo in popular cryptocurrency wallets Ledger, Edge, and BRD. Named BigSpender, the vulnerability could lead to a double-spend...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today