Even though the U.S. Government and regulators are against the cryptocurrencies, but affirmative acceptance can be seen for the blockchain technology. The U.S. Department of Homeland Security (DHS) has reached out to a Canadian blockchain developing firm, Mavennet, to develop a blockchain-based platform that would help in tracking cross-border oil shipments.
DHS’s Science and Technology Directorate has informed about this collaboration as the initial funding for the project is coming from Silicon Valley Innovation Program (SVIP). The contract has been signed between DHS and Mavennet for $182,700. Under this, their current oil tracking platforms, will be taken over by the Customs and Border Protection (CBP) branch of DHS, which is located at the Canadian Border.
America is the biggest importer of oil for Canadas; they move about 120,00,000 barrels of crude oil every month in the first half of 2019, as reported by the government’s official website for the imports.
Is Mavennet capable of the task?
Mavennet, on the other hand, is not yet capable of covering such a broad market, and the company would be using the funding provided by the SVIP for building a demo version of the software for CBP. The development process can last for as long as two years, which includes demonstrations of the program and testing of the program before releasing it for the field use.
Mavennet’s CEO, Patrick Mandic, informed that the company has been working in the development space since 2015, and they have developed an on-chain natural gas platform that is being used by the Toronto Montreal Exchange (TME). This investment by SVIP is the latest entry in the blockchain space as the R&D focused fund awarded Factom around $200,000 for the installation of blockchain-secured cameras and sensors.
