April 18, 2021

VAKT Global Consortium Launches Blockchain Trading Platform …

VAKT Global consortium has launched a blockchain platform for energy trading

The VAKT Global consortium, founded by several major companies in the fuel and energy sector, including Shell and BP, developed and launched the VAKT blockchain platform with the aim of improving the efficiency of energy trading. Writes about this CoinDesk.

According to a tweet from VAKT Global posted on Thursday, the platform is already able to execute oil purchases / sales between companies. The consortium claims to be the first enterprise-grade blockchain solution in the oil and gas market.

VAKT Global Consortium launched a blockchain platform for energy tradingVAKT Global Consortium ...

“Five of our investors from the BFOET market are already using the VAKT platform!” Reads the tweet. The BFOET market includes five North Sea oil fields – Brent, Fortis, Oseberg, Ekofisk and Troll. The company plans to expand to other markets next year.

The blockchain platform is designed to help merchants replace paper workflows with smart contracts and automate various elements of this process, which should reduce costs, reduce errors and improve the efficiency of post-trading operations..

VAKT Global Consortium has launched a blockchain platform for energy tradingVAKT Global Consortium ...

“The first line of code was written in May of this year,” VAKT Global reported on Thursday in a LinkedIn post, noting that partnerships with Deloitte and IT firm ThoughtWorks made this project “on time and within budget.”.

VAKT Global Consortium launched a blockchain platform for energy tradingVAKT Global Consortium ...

The VAKT Global consortium was founded in November last year. It includes not only Shell and BP, but also the Norwegian oil and gas company Statoil, trading firms Gunvor, Koch Supply & Trading and Mercuria as well as banks including ABN Amro, ING and Societe Generale.

VAKT Global Consortium has launched a blockchain platform for energy tradingVAKT Global Consortium ...

Over time, the consortium intends to “direct the migration of all forms of data on energy transactions to the blockchain, improve data quality, further strengthen security and speed up settlements throughout the industry, while simultaneously reducing costs for industry participants.”.

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