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The centuries-old, paper-based trading of oil and gas industry was overhauled last year, courtesy of the blockchain and an industry consortium originally including Shell, BP, ABN Amro, ING, and Societe Generale.
The industry platform, called VAKT, announced a host of new petrochemicals and oil fields – including Chevron, Total, and Reliance – are joining the likes of Shell and aboard the energy trading platform, Reuters reports.
Traditionally, the buying and selling of energy commodities is paper-based, and then emailed, faxed, or even posted to the relevant parties.
VAKT's creators believe that putting the process on the blockchain will make it faster, cheaper, and more secure way of trading commodities.
At first, VAKT was available to the original members of the consortium. It appears that a full market can be rolled out in the future.
Published January 16, 2019 – 16:12 UTC
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