A new way for companies to achieve efficiency with Blockchain
The Vakt company is a London-based company that focuses on bringing and reimagining raw materials with post-trading processes that can be supported by Blockchain technology. Vakt launched its first platform on the market that started to heat the markets.
These include participants in the commercially traded BFOET crude oil business, along with some of the world's leading energy traders who will benefit from these improvements in safety and efficiency.
This new blockchain platform will mark the first fully operational and enterprise-grade blockchain platform in the world to enter the market. The company Vakt is an independent company created and supported by leading energy commodity traders and banks worldwide.
The companies that have chosen to participate in the private launch of this platform are Equinor, BP, Gunvor, Shell and Mercuria as the first users of the platform's Vakt. This will also work in parallel with their internal systems. The platform is officially ready to be open to the market in January 2019.
Interim CEO John Jimenez said:
"We were overwhelmed by the strength of the response to the VAKT concept, launching our first market with thishigh caliber the first users are a moment of transformation for us and for 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 ".
There are many companies that have gained interest in this new platform from the VAKT which includes, ING, Societe Generate, ABNA Amro and Koch Supply & Trading and are considered supporters of this platform.
The Blockchain industry is ready to enter global institutions via the Vakt platform
According to a statement from the Chief Operations & IT Officer, Gunren's Eren Zekioglu:
"To be great, a business company needs two things: good technology and speed, radically streamlining the post-trade processes, VAKT offers both.This is a big step for the physical energy markets and I see VAKT become the industry standard ".
Vakt has decided to launch the launch to be limited to specific trading in BFOET crude oil contracts, however, the goal and the ambition of VAKT is to be able to extend the platform to all energy assets traded physically.
In addition, Vakt focuses on building its roadmap based on the response of the needs of the raw gas pipeline industries and the barges of refined Northern European products, which is currently being launched at the start of 2019.
According to Andrew Smith of EVP Trading & Supply, Shell International Trading and Shipping Company Limited, the digitization of the global economy is changing the way the energy value chain works.
"Collaboration with our colleagues and some of the industry's key players is the best way to combine market expertise and reach the scale needed to start a digital transaction platform that could transform the way we all do business. the goal is to improve speed and safety, which benefits everyone along the supply chain, from market operators to customers. "
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