The United States Department of Homeland Security (DHS) has appointed Canadian blockchain company Mavennet to create a platform that tracks cross-border oil operations.
An initial funding of $182,700 comes as part of the Silicon Valley Innovation Program (SVIP) by DHS’s Science and Technology Directorate. According to the contract, Mavennet will modify its oil tracking platforms to fit the needs of the Customs and Border Protection (CBP) branch of DHS.
This project is no coincidence as America is Canada’s biggest oil importer. Information coming from the U.S. government clearly shows that 120,000,000 barrels of crude oil were transported per month during the first half of 2019.
We should mention that, no matter how big the funding is, Mavennet are not able to cover the entire market immediately. It will take them a few years to do so.
The Canadian company intends to use the initial funding to build a PoC and gradually continue with demonstrations and pilot programs for up to two years. During the fourth and final phase of the program they will perform field testing.
CEO of Mavennet, Patrick Mandic, noted that the firm has been engaged in the field since 2015. Previously they developed Toronto Montreal Exchange’s on-chain natural gas platform. As for the upcoming DHS work his views are:
“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, SVIP Technical Director clarified that as web-based identification standards go on to progress, the Mavennet platform’s “digital auditability” would be very important for the future.
“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.”
Of course, this is not the first financial push by SVIP. Formerly, they invested almost $200,000 in Texas-based company Factom to deploy blockchain-secured cameras along the U.S. border.