• Fri, 26 Apr 2019, 12:05 AM
  • All times are UTC
  • Edition:
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. >

The commenting service is available only after having logged in.
  • Bitcoin (BTC) $5,210.59 (-4.80%)
  • Ethereum (ETH) $154.45 (-6.79%)
  • XRP (XRP) $0.289400 (-4.18%)
  • Bitcoin Cash (BCH) $266.85 (-4.36%)
  • Litecoin (LTC) $71.25 (-2.90%)
  • Bitcoin (BTC) $5,210.59 (-4.80%)
Apr 25, 2019 (Thursday)
Sumitomo Mitsui Banking Corporation to launch services on Marco Polo blockchain
Brave rolls out new opt-in feature to reward users with BAT tokens for viewing ads
China’s FX reserve regulator to pilot blockchain-based cross-border trade finance platform
NTT’s Thai subsidiary to open innovation lab with focus on Blockchain, AI, IoT
US SEC’s FinTech Forum to discuss DLT innovations and use cases for financial markets
Crypto wallet startup Ledger secures investment from Samsung amid leadership changes
MUFG-backed Chainalysis adds support for 4 more cryptos to real-time transaction monitoring tool
Siam Commercial Bank, PTTEP complete cross-border transactions using Ripple’s technology
Samsung working on Ethereum-based blockchain, could issue own token: Report
Apr 24, 2019 (Wednesday)
Bitfury, Final Frontier launch regulated bitcoin mining fund
Liverpool FC to partner with TRON
Samsung SDS launches next version of enterprise blockchain platform ‘Nexledger’
South Korean hospital to integrate blockchain-based health data management solution
Disney in talks to acquire Bitstamp and Korbit owner Nexon: Report
University of Nevada, Reno teams up with blockchain startup Filament on smart city mobility project
Crypto exchange Coinbase shuts Chicago division
MIT and other universities team up to explore blockchain potential for management of academic credentials
Societe Generale issues €100m of covered bonds as security token on Ethereum blockchain
Apr 23, 2019 (Tuesday)
Blockchain identity startup Civic expands network with 12 automated retail partners
Binance launches decentralized exchange ‘Binance DEX’ on Binance Chain
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.