World Oil Companies And Banks Are United By Vakt Blockchain
BP, Shell, and Equinor, leading oil corporations, have teamed up with major banking institutions and trading houses to organize work on the Vakt platform’s blockchain to trade raw fuel resources, S&P Global Platts reports.
Banks such as ABN Amro, ING, Societe Generale and a number of trading houses joined the oil-producing corporations on the Vakt blockchain. A distributed ledger allows switching from processing a large amount of paper workflow to smart contracts.
The blockchain will be launched in the commodity market for oil products in the North Sea at the end of November 2018, Lyon Hardgrave, Vakt VP for product development, stated at the S&P Global Platts Digital Commodities Summit.
Besides, in 2019, the platform will consider representatives of the market of commercial shipping and pipeline companies in the US as customers, apart from the appeals that come from the oil and gas producing American corporations. Hardgrave stressed that the Vakt blockchain platform will help reduce the cost of paperwork by 40%.
S&P Global Platts conducted a survey of the summit participants: an absolute majority is confident that massive retail sales will be carried out on blockchain by 2025.
A platform like Vakt operates in Switzerland, where large banks, trading companies, and an electric power corporation have launched a joint venture company called komgo SA in order to carry out transactions on blockchain.
As previously reported, the world's leading banks will carry out transactions on the eTrade Connect blockchain platform.