US Government Taps Mavennet To Track Oil And Gas With Blockchain

Mavennet, a Toronto-based company, has been tapped by an agency of the US Government to follow gas and oil in Canada by using blockchain.

It has been reported by Cryptobit that Canada’s Mavennet has been contracted by the United States’ Department of Homeland Security (DHS) to develop and implement a blockchain system for tracking oil and natural gas movements in Canada.

Likewise, the agency directly responsible for contracting Toronto-based Mavennet is the US Customs and Border Guard, which answers to the US Department of Homeland Security.

However, the contract is reportedly for Mavennet to create and launch a blockchain platform that would allow for the real-time tracking of oil and natural gas imports from Canada.

It has been analyzed that a statement posted to the Department of Homeland Security’s official website, which states:

“The Science and Technology Directorate of the Department of Homeland Security allocated $182,700 to Mavennet Systems, from Toronto, to introduce blockchain technology for the oil and gas industry and to track oil imports.”

The funding given by the Science and Technology Directorate is from its Silicon Valley Innovation Program (SVIP). Much of it is to be devoted to Mavennet retrofitting oil tracking platforms used by the Customs and Border Protection office of the DHS on the US’ border with Canada with a blockchain-based solution for real-time tracking.

Once completed, the system will track a current average of 120 million barrels of crude oil per month from Canada into the United States.

Thus, Mavennet has let on a functioning solution which is still a matter for the future, and it will first create a proof-of-concept demonstration.

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