The U.S. Department of Homeland Security (DHS) is tapping Canadian enterprise blockchain company Mavennet to create a cross-border oil tracking platform.
Getting through DHS’s Science and Technology Directorate, together with initial funding from its Silicon Valley Innovation Program (SVIP), the $182,700 contract will witness Mavennet retrofit its current oil tracking platforms for utilization by the Customs and Border Protection (CBP) branch of DHS at the Canadian border.
The initiative focuses on a huge cross-fringe import market. America is Canada’s biggest importer of oil, transferring 120,00,000 barrels of crude oil every month through the first half of this year, government information says.
However, Mavennet is years from covering that wide market. The firm will utilize this early funding to construct a proof-of-concept demo for CBP. It could proceed through up to two years of pilot programs and demonstrations before field testing during SVIP’s fourth and last stage.
Mavennet CEO Patrick Mandic said his firm has been working in the space since 2015, including building up an on-chain natural gas platform for the Toronto Montreal Exchange. He stated this DHS initiative would help boost the industry:
“This project is a strong building block to help a much needed digital transformation of the O&G space, which is the big picture we are after.”
Anil John, technical director of SVIP, clarified that the Mavennet platform’s “digital auditability” could be crucial as web-based identification standards keep on developing.
“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 CBP,” John stated.
The investment is SVIP’s most recent blockchain space play. Earlier, the R&D-centered fund, which doesn’t take equity in its projects, granted Texas’ Factom almost $200,000 to release its blockchain-verified cameras and sensors along the border.