Post-Sales Management Platform VAKT launched its blockchain-based processing tool to an initial group of oil industry customers, a press release dated 29 November.
VAKT, which uses JPMorgan's Quorum blockchain technology for execution, was distributed to the raw BFOET participants. The press release reports that the energy giants BP, Equinor, Shell, Gunvor and Mercuria participate as the first users of the platform.
Companies will use the blockchain tool in tandem with existing systems, VAKT will plan a broader implementation in January next year. In the future, the company aims to expand from oil to "all physically traded energy".
"We were overwhelmed by the strength of the response to the VAKT concept, and the launch in our first market with a first caliber of first-caliber users is a transformational moment for us and for industry," commented the administrator delegate John Jimenez:
"But it's only the beginning: the success of a blockchain solution depends on widespread adoption and we are not looking forward to seeing the ecosystem grow".
"The collaboration with our colleagues and some of the main players in the sector is the best way to combine market skills and reach the scale necessary to launch a digital transaction platform that can transform the way we all do business". Andrew Smith continued:
"Ultimately, the goal is to improve speed and safety, which benefits everyone along the supply chain, from market players to customers."
The main energy companies and banks participating in VAKT were announced at the beginning of this month, while the partnership was reported for the first time already in November 2017.
Throughout the oil industry, the benefits of the blockchain have been discovered by several well-known names, with a similar project, dubbed komgo SA, which will debut in September.