Oil majors – Chevron, Total and Indian refiner Reliance Industries have all joined the new blockchain-based platform Vakt, as announced by the firm.
Vakt, previously published on Btc.ng/VAKT-Shell and Bp now selling oil on blockchain, has been in use since November last year by other major oil trading firms. The commodity trading platform already includes a consortium of other oil majors- British Petroleum, Shell, Norway’s Equinor, Energy and trading firms- Mercuria, Koch Supply & trading and the Gunvor Group.
The Vakt blockchain platform is the first to go live from a series of emerging blockchain pilot programs for commodities (physical oil) trading. The idea behind the blockcahin-based platform is to digitize and streamline the lengthy, cumbersome paper-based processes shared between parties involved in an oil deal.
See more info on VAKT: www.vakt.com
Blockchain For Commodity Trading
Blockchain – the technology behind cryptocurrencies like Bitcoin, is pitched by many as a solution to trade and settlement inefficiencies in various sectors as it provides a way to ensure transparency, track and reduce the risk of trade fraud. This is achieved through VAKT by putting all energy deals paperwork (invoices, inspection certificates and more) on a secure, efficient, real-time blockchain platform for cheaper, faster commodity trades as well as for creation of new trade finance opportunities.
Speaking on its involvement in Vakt, Total’s head of trading and shipping Thomas Waymel said in a statement:
Total has been supporting industry initiatives to digitize cargo post-trade processes for some time. We view them (Vakt blockchain) as a major step forward towards safer, faster and cheaper logistical operations. We are committed to contribute to the roll out to various markets of the VAKT blockchain platform.
Also affirming the joint, President of supply and trading at Chevron, Colin Parfitt remarked:
Chevron is joining the Vakt consortium to stay at the forefront of the technology’s development and to help the industry forward in the blockchain space.
By extension, this latest joint by the trio of Chevron, Total and Reliance brings VAKT support to half (5) of the top 10 largest oil and gas companies globally; just as other investors including global banks fill in. Vakt will handle trades for North Sea Oil contracts and is expected to extend to all other regions of physically traded energy commodities soon.
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