Copy link
Increase text size
Decrease text size
Link copied

Shell and BP-backed VAKT to launch blockchain platform to digitize commodities trading industry by end of 2018

Wed, 14 Nov 2018, 03:40 am UTC

VAKT Global, a company formed by a consortium of commodity traders, energy majors and banks, is planning to launch a blockchain-based post-trade processing platform for the energy industry by the end of 2018, CoinDesk reported.

Created and launched as an independent company in December 2017, VAKT is backed by energy majors BP, Shell and Statoil; trading houses Gunvor, Koch Supply & Trading, and Mercuria; and banks ABN Amro, ING and Societe Generale.

VAKT, a member of the Enterprise Ethereum Alliance (EEA), announced its plans to launch the platform at a digital commodities summit hosted by S&P Global Platts on Monday.

The blockchain-based platform will help oil companies do away with paper-based documentation and switch to smart contracts. This, in turn, is expected to reduce costs and lower the risk of errors and enhance the efficiency of post-trade processes. It will comprise a “secure, real-time blockchain-based platform to manage physical energy transactions,” the group said.

“We expect to go live at the end of November in the North Sea oil market. In 2019 we will look at ARA barges, waterborne markets and US crude pipelines,” said Lyon Hardgrave, VAKT Global’s vice president of product development, adding that the first licensees are expected to be on board by January.

Hardgrave further said that licensees joining the blockchain platform on a fee basis can expect to save around 40 percent in post-trade resolution.

“This not a trading platform, nor a settlement platform – there is no cryptocurrency involved. But it is everything in between: deal recap; confirmation; contract; logistics (the really big element in all this) – and invoicing,” he added.

Earlier in September, some of the consortium members founded a new company – komgo SA – that also aims to digitize the trade and commodities finance sector through a blockchain based open platform. Noting this “strong overlap”, VAKT and komgo SA plan to explore synergies between both platforms.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $9,263.46 (-0.10%)
  • Ethereum (ETH) $241.42 (+0.30%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $236.48 (-0.60%)
  • Bitcoin SV (BSV) $185.04 (-0.29%)
  • Bitcoin (BTC) $9,263.46 (-0.10%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft