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More Global Oil Giants Keep Joining Vakt Blockchain Platform

16 January 2019 15:45, UTC
More Global Oil Giants Keep Joining Vakt Blockchain Platform

Chevron, one of the largest US transnational oil corporations, as well as two other energy companies have joined Vakt, a British blockchain platform for energy commodity trading, Reuters reports on the agreement of January 16.

Alongside Chevron, the leading French oil and gas company Total, as well as Reliance Industries, a major Indian oil refiner, have become the partners of Vakt. The agreement is an essential step towards faster and safer logistics. The Vakt platform, which is based on JPMorgan Quorum blockchain technology, plans to become a digital transaction system which is to change the oil business on a global scale.

Thomas WAYMEL, Total’s head of trading and shipping, stated that

  “Total has been supporting industry initiatives to digitize cargo post-trade processes for some time.”

The Vakt platform was established in November 2018, as part of agreements reached by oil industry leaders, such as BP, Shell, and Equinor, to improve the quality of energy trading processes. Large banks and trading houses also attended the process of the platform creation. Following that, in the same month, it became known that the first users of Vakt would become the aforementioned BP, Equinor, Shell, as well as Gunvor and Mercuria.

Image courtesy of Fortune

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