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Vakt Global has launched a new blockchain platform for the trading of energy raw materials. The consortium created by major players such as Shell and BP announced the platform's debut via Twitter.
"Our 5 investors in the BFOET market are now operating on the VAKT platform!", The tweet law. The BFOET market comprises five deposits of crude oil from the North Sea: Brent, forty, Oseberg, Ekofisk and Troll. The company plans to expand into other markets next year. "
Today is a GREAT day for VAKT! Our 5 investors in the BFOET market are now available on the VAKT platform! Time for a quick update by the CEO! The first enterprise-grade blockchain solution in the oil and gas market! @ Level39CW #commodities #blockchain pic.twitter.com/cvoF7F1egF
– Vakt Global (@VaktGlobal) November 28, 2018
First Enterprise level platform of its kind
The platform claims to be the "first-grade blockchain" solution in the oil and gas market.
The platform should help commercial companies replace paperwork with smart contracts by making the whole negotiation process more automatic and efficient.
The hope of platform creators is that this will result in a reduction in overall costs as well as reducing errors.
John Jimenez, Interim CEO of VAKT, commented: "We were overwhelmed by the strength of the response to the VAKT concept.The launch in our first market with users of such high caliber is a transformative moment for us and for the industry. .
But it is only the beginning: the success of a blockchain solution depends on widespread adoption and we are not looking forward to seeing the ecosystem grow. "
VAKT says it has delivered the budget and on time
VAKT Global has boasted that the "first line of code was written only in May of this year", adding that it collaborated with partners Deloitte and IT ThoughtWorks to deliver the project "on time and on budget" .
The consortium consists of Shell, BP, Norwegian energy company Equinor, sales companies such as Gunvor, Koch Supply & Trading and Mercuria, and banks including ABN Amro, ING and Société Générale.
The company claims to aim to "lead the migration of all forms of data on energy transactions to the blockchain, improving data quality, further strengthening security and increasing the speed of settlements at the sector level, while reducing costs for participants in the sector ".
Eren Zekioglu, Gunvor's Chief Operations & IT Officer, commented: "To be big, a business company needs two things: good technology and speed, and radically streamline post-trade processes, VAKT offers both.
This is a big step for the physical energy markets and I see VAKT becoming the industry standard ".
The VAKT consortium was established only last year.
They describe the group on their website saying "VAKT is an independent company created and supported by some of the world's major majors in the energy sector, from commodity traders and banks.
Of these, BP, Equinor, Shell, Gunvor and Mercuria have privately launched the first users of VAKT, running in parallel with their internal systems, with the platform destined to open up to the broader market in January ".
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