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A blockchain-based oil trading platform dubbed the Vakt and developed by a consortium involving BP and Shell began operating this week, Reuters reports, citing the consortium. The goal is to exploit the potential of distributed ledger technology for low cost, non-intermediate but secure transactions.
The news of the platform emerged for the first time last year while the blockchain continued to gain popularity. The consortium behind Vakt also includes the Gunvor and Mercuria trading houses, as well as Koch Supply & Trading. The platform was financially supported by the Dutch ABN Amro, ING and the French Societe Generale.
In January 2017, Mercuria, in collaboration with ING and Societe Generale, announced that it was preparing the first oil business using blockchain technology. The trade involved a raw African expedition to the shareholder ChemChina of Mercuria. When he announced the test at the World Economic Forum in Davos, Mercury's managing director, Marco Dunnand, said: "The energy industry will have to digitize more and more in the production, refining and shipping of oil. merchants will have to participate. "
Now, the companies involved in the launch of Vakt will be the first to use it, but next year, the consortium said, the platform will be open to other participants next January. Initially, the platform will only process contracts for the five types of crude oil coming from the North Sea which constitute the international Brent landmark. At a later stage, it will include US pipelines and gasoline and other petroleum products for Northern Europe.
"Vakt is the logistic arm … Once an agreement is executed through our record book, it is pushed through Vakt.The next stage is financing and linking with komgo gives access to several banks," Reuters said Eren Zekioglu, Chief Operations and IT Officer of Gunvor.
There are also other blockchain-based trading platforms in the oil industry that are developing at the moment. One of these, komgo, will also be launched before the end of this year. The platform is funded by the majority of participants in the Vakt consortium and 10 international banks.
By Irina Slav for Oilprice.com
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