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vakt, a blockchain-based consortium formed by leading oil and energy companies announced the launch of its post-trade management platform Press release dated November 29, 2018. The launch foresees the birth of the first enterprise-level DLT platform in the oil and energy sector.
Better safety and efficiency in the oil business
BTCManager reported on November 14th 2018, a platform powered by DLT supported by the global oil companies will be put into service by the end of the year.
The newly-baptized platform will benefit the world's leading energy traders in the crude oil market traded by BFOET (Brent, Forties, Oseberg, Ekofisk and Troll). It will simplify the process of managing physical energy transactions, from commercial entry to final liquidation. Digitization of records in the blockchain will also render reconciliation and paper-based processes obsolete.
It is worth noting that the platform has already collaborated with the global consulting firm ThoughtWorks for technical expertise and uses the private distribution registry of the JP Morgan quorum.
Currently, BP, Shell, Equinor and Mercuria are the first users of VAKT, although the platform will be accessible to the broader market since January 2019. Some of the other companies that have given weight to VAKT include Koch Supply & Trading, ABN Amro , Société Générale and ING.
Sharing his thoughts on the launch of the platform, John Jimenez, interim CEO, VAKT, said:
"We have been overwhelmed by the strength of the response to the VAKT concept: launching into our first market with users of such high caliber is a transformational moment for us and for industry, but it is only the beginning: success of a blockchain solution depends on widespread adoption and we are not looking forward to seeing the ecosystem grow. "
In particular, VAKT will be integrated with the recently announced blockchain platform for commodity trading – Komgo. Integration will facilitate banks to provide DLT-based financial solutions to VAKT users.
It plans to expand the platform to broader markets
While the initial supply of services is limited to trade only for BFOET crude oil contracts, VAKT expects to expand to all physically traded goods. The company is planning its roadmap in response to the "needs of the sector" and is already about to launch the US pipelines and the barges of refined products from Northern Europe by the first quarter of 2019.
