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Concurrency control in a database system involves the activity of controlling the relative order of conflicting operations, thereby ensuring database consistency. Multiversion concurrency control is timestamp based protocol that can be used to schedule the operations to maintain the consistency of the databases. In this protocol each write on a data item produces a new copy (or version) of that data item while retaining the old version. A systematic approach to specification is essential for the production of any substantial system description. Formal methods are mathematical technique that provide systematic approach for building and verification of model. We have used Event-B as a formal technique for construction of our model. Event-B provides complete framework by rigorous description of problem at abstract level and discharge of proof obligations arising due to consistency checking. In this paper, we outline formal construction of model of multiversion concurrency control scheme for database transactions using Event-B.