US Customs agency to track oil imports using blockchain tech

advertisement

U.S. Customs and Border Protection, a federal agency of the Department of Homeland Security, is set to track oil and natural gas imports from Canada leveraging blockchain technology.

The department’s research and development unit, the Science and Technology Directorate, has awarded $182,700 to Canadian blockchain firm Mavennet Systems for the initiative. Mavennet will build a “blockchain-as-a-service” platform, which will enable the Customs agency to audit oil and natural gas trading markets in Canada in “real-time.”

“Mavennet’s platform could provide this digital auditability while ensuring broad interoperability by supporting emerging World Wide Web Consortium standards such as decentralized identifiers and verifiable credentials,” said Anil John, technical director of the department’s silicon valley innovation program.

Canada is the fourth-largest producer of oil in the world, and the U.S. imported 3.5 million barrels of crude oil per day from Canada in 2018, 96% of all Canadian crude oil exports, according to Natural Resources Canada, the country's energy agency.

“Accurately tracking the evidence of oil flow through pipelines and refinement between the U.S. and Canada and attributing oil imports with the accurate composition and country of origin are of great interest to U.S. Customs and Border Protection," said John.

The Department of Homeland Security has been exploring blockchain technology since as early as 2015.  The department’s silicon valley innovation program was also launched around that time and awards tech startups, including blockchain, up to $800,000 to develop solutions for homeland security use cases.

Related Reading

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

TRON USDC now available

Delivering on a vision for an interoperable global standard for dollar digital currency, Circle and TRON have partnered to make USD Coin (USDC) available on the TRON blockchain, which has grown to more than 56 million accounts and nearly 2.5 billion transactions since its founding just four years ago. TRON is home to a broad ecosystem for digital assets in Asia and around the world, and the TRON community can now benefit from easy access to the world's fastest-growing, regulated dollar digital currency. 
Read Full Story
Sponsored Post

Layer-1 Platforms: A Framework for Comparison

The Block Research was commissioned by Algorand to create Layer-1 Platforms: A Framework for comparison, which provides a “look under the hood” at seven platforms: Algorand, Avalanche, Binance Smart Chain, Cosmos, Ethereum/Ethereum 2.0, Polkadot, and Solana. We assess their technical design, related ecosystem data, and qualitative factors such as key ecosystem members to get an understanding of how they differ. Having done this analysis, we draw some insights for what the future of the broader smart contract landscape could look like for years to come. 
Read Full Story
Aug 11, 2021, 5:18PM UTC
More