More

    New Vakt Blockchain Energy Commodity Trading Platform Has Backing of BP, Shell, Equinor and Major Banks

    BP, Shell, and Equinor are some of the biggest names in oil, and they decided to make a change in their industry. Together, they are working with trading houses and major banks in an effort to launch a new platform for energy commodity trading, which they have decided to call “Vakt.” The news of the launch was reported by S&P Global Platts on November 12th.

    Along with the three aforementioned oil companies, Vakt also includes ABN Amro, ING, and Societe Generale as their banks. The trading houses include Gunvor, Koch Supply % Trading, and Mercuria. The solution involving blockchain technology was first announced this time last year, and it will hopefully move the industry’s various players from cumbersome paperwork to smart contracts. With this implementation, it will hopefully reduce the time spent on these tedious operations and made the whole process more competent.

    Lyon Hardgrave, who is the vice president for product development at Vakt, recently participated at the S&P Global Platts Digital Commodities Summit in London, which is going on today. Speaking at the event, he added that this platform plans to launch in the North Sea oil market before the month is over. Regarding the future, he noted,

    “In 2019 we will look at ARA barges, waterborne markets and US crude pipelines. And by January we expect the first licensees will come on board, in addition to our shareholders.”

    With all of this success, Hardgrave is seeing some interest from petrochemicals and U.S. gas industries. Once the blockchain-based platform is operational, it is possible that the work could reduce post-trade resolution costs by up to 40%. After taking a poll at the summit, S&P Global Platts discovered that the majority of the participants believe that the blockchain applications should have mass adoption in the retail market by 2025.

    In the past, S&P Global Platts has worked on other trials for blockchain in the oil industry. In February this year, they said that their upcoming decentralized platform would “allow market participants to submit weekly inventory oil storage data.” This platform for oil storage tracking was already launched by the UAE’s Fujairah Oil Industry Zone (FOIZ).

    Switzerland has a platform that is much like Vakt already, which is called komgo SA. The platform consists of major global banks, trading firms, and an energy company that take responsibility for monitoring the financing involved with trading commodities. TheNextWeb even notes that “the initiatives share some of the same participants, including ABN AMRO, ING, Koch Supply & Trading, Mercuria, Shell, and Societe Generale.”

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Avatar
    Bitcoin Exchange Guide News Team
    B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,366FansLike
    2,782FollowersFollow
    4,137FollowersFollow

    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Galaxy Digital's Mike Novogratz: This Is The Year For BTC Or I Might ‘Hang Up My Spurs'

    Bitcoin proponent, Mike Novogratz is still “most excited” about the world's leading cryptocurrency but “if it doesn't go all out by the end of...

    National Internet Finance Association of China Warns Against Manipulative Crypto Exchanges

    The National Internet Finance Association of China(NIFA) has issued a warning for investors who have been associated with the crypto-verse about the growing risks...

    Cash is King in Coronavirus Ravaged Economy But Bitcoin is “Next in Line to the Throne”: Hedge Fund Manager

    Mark Yusko, the CEO at Morgan Creek Capital Management says coronavirus is unleashing a once in a lifetime downturn. Yusko appeared on CNBC’s “Trading Nation”...

    Bitcoin’s is Gold 2.0; Billionaire Chamath Palihapitiya Lays Out BTC’s Path Forward in Macro Backdrop

    In the latest episode of The Pomp Podcast, host Anthony "Pomp" Pompliano had Chamath Palihapitiya, the CEO of Social Capital as a guest who...

    Binance ‘Leak' Signals Possible Bitcoin Options Trading Launch On The Exchange

    The competition across cryptocurrency exchanges in the crypto derivatives markets is heating up to a boiling point as yet another big player hints at...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.