The United States DHS to Track Oil and Gas Using Blockchain
The United States Department of Homeland Security wants to bring in oil and gas into the blockchain. The authority aims at tracking the energy using blockchain technology, according to a report by FCW.
For the development, the DHS Science and Technology Directorate awarded the contract to a Toronto-based Mavennet Systems. The company operates a blockchain-as-a-service platform.
Using its commercial blockchain technology, Mavennet Systems will track oil and natural gas shipments into the U.S. over the northern border. This effort also assists the Customs and Border Protection's (CBP) trade mission, as per the report.
Canada exports about 3.5 million barrels of crude oil to the U.S., mostly through pipelines daily. There are 70 operational transborder oil and natural gas pipelines, according to Natural Resources Canada, the country's energy agency. 31 goes for oil, while the rest goes for natural gas.
Mavennet Takes U.S Oil and Gas to Blockchain
Upon the developmental contract, which costs about $182,700, Mavennet creates a generic end-to-end platform for CBP. Through the system, the agency can track any variety of imported commodities.
Also, the platform comprises of automation and API integration, including the ability to adapt to legacy systems, DHS said.
The technical director S&T's Silicon Valley Innovation Program (SVIP), Anil John, said in DHS' statement:
"The system will not only provide digital auditability, but also support emerging worldwide commercial oil consortium standards for decentralized identifiers and verifiable credentials for blockchain use," the report reads.
The contract comes in a three-to-six month-long proof-of-concept, which is an SVIP Phase 1 initial development award. The platform progresses through SVIP's four development phases, If it's successful in Phase 1.
The progress made could eventually result in operational testing in different environments at DHS. However, this is after demonstrations and pilots are conducted, per the report.
According to a Nov. 6 DHS statement, Mavennet Systems already developed a blockchain-as-a-service platform for the country’s commercial oil markets. It allows for real-time audits of natural gas trading.
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Ibiam WayasIbiam Wayas is an optimistic crypto news reporter who also enjoys tech writing. He is an introvert who spends much of his time on the internet studying facts that will help him excel in the digital/cryptocurrency space.
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