U.S. Homeland Security To Use Blockchain To Track Oil Import

By RTTNews Staff Writer | Published: 11/11/2019 10:04 AM ET

The U.S. Department of Homeland Security (DHS) is set to use blockchain technology to track cross-border oil import.

The department's Science and Technology Directorate (S&T) has awarded a grant of $182,700 to Canadian enterprise blockchain start-up Mavennet Systems, Inc. to develop a solution for this purpose.

Under the terms, Mavennet is required to modify its existing oil and gas tracking platform to meet the requirements of the U.S. Custom and Border Protection (CBP) to track cross-border oil imports.

The CPB expects the new platform to track the evidence of oil flow through pipelines and refinement between the U.S. and Canada and attribute oil imports with the accurate composition and country of origin.

The platform will enable real-time digital auditability of the natural gas trading markets in Canada to address CBP needs for cross-border oil import tracking, while ensuring broad interoperability among other imported commodities.

The grant is part of the DHS S&T's up to $800,000 grant program launched in December 2018 to seek innovative blockchain and distributed ledger technology (DLT) solutions through a new solicitation, "Preventing Forgery and Counterfeiting of Certificates and Licenses," under its Silicon Valley Innovation Program (SVIP).

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Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe