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US Customs uses blockchain oil tracking

US Customs uses blockchain oil tracking

The United States Customs and Border Protection (CBP) will be employing blockchain oil tracking in order to keep tabs on shipments to and from Canada.

According to a recent announcement, the US has chosen Mavennet, a Canadian blockchain developer, for a grant worth USD 182,700.

The Canadian company will be tasked with developing a functional blockchain platform to track the movement of oil shipments through the US-Canadian border. 

Blockchain oil tracking

In an official press release issued by the US Department of Homeland Security, Mavennet was named the winner of Phase One of the Silicon Valley Innovation Program (SVIP).

This new blockchain oil tracking project will be a natural continuance of Mavennet’s blockchain expertise. To this point, Mavennet has developed a series of natural gas blockchain solutions.

Winning the SVIP grant will serve as a boost for the company’s activities, and an excellent point to add to the Mavennet portfolio. Not only that, but this partnership shows that the US government is looking into blockchain solutions to make its services better.

Blockchain traceability

Blockchain traceability is gaining popularity in the last few years, as the technology is continuously developing. 

Some of the most impressive traceability projects include the IBM Food Trust, which aims to promote ethical food sourcing. 

What is impressive is that blockchain traceability is entering all business sectors. There are blockchain-based solutions for the medical industry, for the automotive industry, and many more. The Mavennet blockchain oil tracking project is proof that this technology is truly universal, and can lay the foundation for a more transparent business operation globally. 

Featured Image by Pixabay

Tina Yordanova

Tina Yordanova

Back from her stint with European Central Bank, Morgan Stanley, Barclays, Societe Generale, Hilton Hotels, and Aviva International, Tina rejoins Cryptopolitan with a deeper insight regarding the financial world, blockchain enterprises and institutions and practices involved in it. She is eager to share her rounded perspective honed from the biggest media analysis companies on the Balkans.

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