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.
“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..
“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.”.
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.
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.”.
Overstock will develop a cobalt tokenization and trading platform Private equity firm GSR Capital has entered into an agreement with…
American Express proposes to use blockchain to improve the efficiency of payment systems The issuer of plastic cards American Express is considering…
CEO Circle: There will be a place in the world of digital assets for both Libra and Bitcoin CEO of Circle, which owns the Poloniex cryptocurrency exchange and…