Shell, BP, and big banks launch energy trading platform on the blockchain

guest · Nov 29, 2018

Shell, BP, and big banks launch energy trading platform on the blockchain
It's a first for the industry
November 29, 2018
https://thenextweb.com/hardfork/2018/11/29/shell-bp-banks-blockchain-trading-platform/

The world leading energy producers and banks joined forces earlier this month, and today launched a new blockchain-based trading platform for physical oil trades, reports the Financial Times.
Based on JP Morgan’s Quorum blockchain, the platform is in fact the first functional blockchain trading platform for the oil and gas industry.

The consortium and platform, both formally known as VAKT, includes a range of energy firms and banks included BP, Royal Dutch Shell, Gunvor, Mercuria, Koch Supply and Trading, ABN Amro, ING, and Societe Generale.

According to the report, VAKT believe that putting the process on the blockchain will make it a faster, cheaper, and more secure way of trading commodities. [...] it is pegged for release to the wider market in January 2019.
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guest · Jan 16, 2019

Chevron, Total and Reliance join oil blockchain platform Vakt
January 16, 2019
https://www.reuters.com/article/us-...in-oil-blockchain-platform-vakt-idUSKCN1PA0PP

Oil majors Chevron (CVX.N) and Total TOTP.PA, along with major Indian refiner Reliance Industries (RELI.NS), have joined the blockchain-based platform Vakt, London-based Vakt said on Tuesday.

“Total has been supporting industry initiatives to digitize cargo post-trade processes for some time,” Total’s head of trading and shipping Thomas Waymel said in a statement.
“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.”
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Shell, BP, and big banks launch energy trading platform on the blockchain

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