Vakt Blockchain Oil Platform Nabs 4 New Clients to Dominate the Entire North Sea Oil Trade Market

    The implementation of blockchain technology has already made it to the oil industry with the use of Vakt as a segue. The blockchain-based post-trade platform has been working to expand its reach for a clearer view of the industry as a whole in the North Sea region. According to a recent announcement by Vakt on their official website, another four clients have been signed up.

    CEO Etienne Amic said that the four new clients have joined just before the upcoming launch of International Petroleum Week, which begins in London on February 26th. At this point, the platform had only been used by the direct backers of the project, which includes BP, Shell, Total, Guvnor, and Mercuria. However, other investors have gotten involved, like Chevron, Equinor, and Reliance Industries.

    Amic stated,

    “We felt that we needed about 60 to 70 percent of a market to reach ignition point that would incentivize other people to join.”

    True to his goals, the addition of these four new clients ensures that Vakt will be a critical part of 2/3 of all deals to happen in the North Sea area. However, that is just the beginning of the potential that Vakt has in the trading market. Vakt’s work right now will lay down the groundwork for the addition of other products onto a blockchain, like gasoline in Northern Europe and crude pipelines in the United States.

    Along with the efforts made by Vakt, it is becoming more apparent that the need to use blockchain technology is arising in areas like agriculture and crop trading. Presently, the

    “ABCDs” of agricultural trading – which includes Archer Daniels Midland, Bunge, Cargill, and Louis Dreyfus Company – along with Cofco, are looking at setting up a platform as well. Jean-Francois Lambert, a commodity consultant, and former head of commodity trade finance at HSBC, commented in the press release, “It’s become more and more difficult to make money by trading commodities and any means to lower costs and shorten the transaction times is welcome.”

    Better efficiency in commodity trading is a must, and the digitization of these records could bring back the edge that traders used to have, considering the substantial proprietary knowledge this ledger offers. Considering that many trades are still arranged by phone, digitization and the blockchain could speed up innovation for the entire trading sector. Simply put, Amic said,

    “The younger people want to click, they don’t want to talk on the phone.”

    Crypto Price Analysis Watch: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and BCH Predictions (Feb 26)

    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.

    Krystle M
    Krystle is an American cryptocurrency blogger that wants to see the future of crypto and blockchain technology evolve. She has been writing about cryptocurrency for about a year, with a special interest in blockchain technology and regulatory measures around the world. While away from writing and learning about the changes in the cryptocurrency industry, she likes to indulge in science fiction novels and further her experience in playing both guitar and piano.

    [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


    Please enter your comment!
    Please enter your name here


    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.