BP And Shell Are Amongst Blockchain Oil-Trading Platform’s First Users

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According to a press release, a commodity post-trade managing platform VAKT has launched its tool to the first oil industry clients.

The press release states that amongst the platform’s first clients are energy giants like BP, Equinor, Shell, Gunvor and Mercuria. Interim CEO John Jimenez commented:

“We’ve been overwhelmed by the strength of response to the VAKT concept. Launching into our first market with such high-calibre first users is a transformational moment for us and the industry. But it’s just the start: success for a blockchain solution depends on widespread adoption and we’re looking forward to seeing the ecosystem grow.”

Andrew Smith, Shell’s executive president of trade and supply expressed:

“Collaboration with our peers and some of the industry’s key players is the best way to combine market expertise and achieve the scale necessary to launch a digital transaction platform that could transform the way we all do business. Ultimately the aim is improved speed and security, which benefits everyone along the supply chain from market participants to customers.”

VAKT has other high-profile backers. ABN Amro, ING, Koch Supply & Trading and Societe Generale are also amongst them.

Blockchain technology is gaining its momentum in the commodity trading sector. Earlier this year the first ever gasoline shipment, where “blockchain applications have been applied to all key participants in the commodity trading process” was completed between China and Singapore.

Images by Shutterstock.com

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