Vakt is basically a blockchain platform already in use by a majority of the trading companies since last quarter of 2018. Moreover, Vakt Blockchain Platform is the first among countless of blockchain pilot schemes about commodities trading which is now live. The company exists since 2017 backing by a consortium such as oil suppliers and global energy trading firms:
- Norway’s Equinor
- BP and Royal Dutch Shell
- Mercuria Energy Group
- Koch Supply and Trading
- Gunvor Group
From November, the original shareholders are said to start using this system, initiating for North Sea crude oil trading. Moreover, the Banks ING, ABN Amro, and Societe Generale seem to be the supporting shareholders.
Blockchain which is the network platform behind Bitcoin cryptocurrency is now in the eyes of various solutions to trade and settle inefficiencies. Most of them are using this tech to enhance better transparency and reduce the risk of fraud.
Vakt centralized and digitizes the previous mountain of paperwork. Now it shares is between every existing party showing involvement in the deal. The head of trading and shipping at Total, Thomas Waymel comments:
Total has been supporting industry initiatives to digitize cargo post-trade processes for some time. We view them 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.
What is your opinion about the new partners of Vakt Blockchain Platform? Share your thoughts with us in our comments section.