• Sat, 24 Aug 2019, 10:25 PM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

Oil majors Chevron and Total join blockchain platform for energy commodity trading ‘Vakt’

Wed, 16 Jan 2019, 13:01 pm UTC

Oil giants Chevron and Total have joined London-based blockchain platform Vakt, Reuters reported.

Vakt is a blockchain-based post-trade processing platform backed by energy majors BP, Shell and Statoil; trading houses Gunvor, Koch Supply & Trading, and Mercuria; and banks ABN Amro, ING and Societe Generale. It was created and launched as an independent company in December 2017.

Last month, Indian energy and telecom giant Reliance Industries announced that it has acquired 5.56% equity stake (on fully diluted basis) in Vakt for $5 million.

A member of the Ethereum Enterprise Alliance, Vakt aims to digitise the global commodities trading industry by creating a secure, trusted ecosystem, powered by blockchain technology. The platform went live in November 2018 and is already being used by its member trading firms.

“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.

“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.”

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $10,050.50 (-3.29%)
  • Ethereum (ETH) $188.91 (-2.66%)
  • XRP (XRP) $0.271200 (-1.78%)
  • Bitcoin Cash (BCH) $305.07 (-2.93%)
  • Litecoin (LTC) $72.97 (-2.97%)
  • Bitcoin (BTC) $10,050.50 (-3.29%)
Aug 23, 2019 (Friday)
11:35
Stablecoin project Terra receives funding from HashKey Capital
10:49
Three of the founding members of Libra Association consider backing out: Report
08:55
Overstock's Patrick Byrne steps down as CEO
08:52
Pundi X brings XPOS crypto payments to Venezuela's Traki retail stores
07:22
Blockchain startup Blockstack scores strategic investment from Japan's Recruit Holdings
07:19
BitGo announces support for multi-signature EOS wallet and custody services
06:39
US Treasury blacklists crypto addresses of suspected Chinese fentanyl traffickers
06:14
Chainalysis launches ‘Chainalysis KYT Alerts’ to detect suspicious cryptocurrency activity in real-time
05:13
Cryptocurrencies used to buy fentanyl, other illicit drugs: White House
05:04
Blockchain energy startup Power Ledger extends energy trading trial in Fremantle
03:53
Blockchain accelerator initiatives launched at the University of California campuses
Aug 22, 2019 (Thursday)
13:05
Crypto exchange Coincheck mulls launching IEO Platform
12:46
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:53
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:42
Sierra Leone launches blockchain-based National Digital Identity Platform
10:43
Blockchain startup Blocko secures $7.4M in Series B+ round from major South Korean financial institutions
09:52
Crypto Technicals: Ethereum Classic ignores crypto space weakness, extends gains to break above 200-DMA
09:16
Former Zaif exchange owner Tech Bureau to discontinue crypto business after completing customer refunds
08:32
Crypto Technicals: XLM/USD bearish trend intact, hits multi-month lows at 0.06542
07:33
Russian firm ICORating settles $270K fine with SEC for concealing ICO touting payments
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft