The Canadian enterprise blockchain firm Mavennet is set to build a cross-border oil tracking platform for the U.S. Department of Homeland Security (DHS).
Through the DHS’s Science and Technology Directorate with it’s initial funding from its Silicon Valley Innovation Program (SVIP), the $182,700 contract will have Mavennet add more components to its existing oil tracking platforms for use by the Customs and Border Protection (CBP) branch of DHS at the Canadian border.
The project targets a massive cross-border import market. According to government data which shows that America happens to be Canada’s largest importer of oil, moving at least 120,00,000 barrels of crude oil per month through the first half of 2019.
Covering that broad market is still years far fro Mavennet.
The funding made so far will be used by the company to build a proof-of concept demo for CBP. The pilot programs and demonstrations would continue up to two years during SVIP’s fourth and final phase before field testing.
CEO of Mavennet, Patrick Mandic, has been on space since 2015 working and also developing an on-chain natural gas platform for the Toronto Montreal Exchange. He stated further that this DHS project will help the industry more:
To help the much needed digital transformation of the O&G space, which is actually the big picture we are working on, this project is a strong building block which will go a long way in achieving this.
As web-based identification standards continue to develop, SVIP Technical Director Anil John explained in a statement that the Mavennet platform’s “digital auditability” could be critical.
“Tracking the evidence of oil flow accurately through pipelines and refinement between the U.S. and Canada as well as attributing oil imports with the accurate composition and country of origin are of great importance to CBP,” John stated.
Previously, the R&D-focused fund, without regard to equity in its projects, awarded Texas’s Factom nearly $200,000 to deploy their blockchain-secured cameras and sensors along the border. Currently, this investment is SVIP’s latest blockchain space play.
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