VAKT Platform Launches Blockchain For World's Leading Companies
VAKT launched its blockchain platform, which united a group of oil companies, including British Petroleum (BP) and Shell, the world's leading banking institutions, and trading corporations, according to a press release.
The main tasks of the VAKT platform are to optimize the processes of the raw materials trading, as well as to convert all paper documents into a digital format based on smart contracts.
VAKT positions itself as a secure platform capable of performing all operations in real time, starting from concluding agreements and ending with final settlements. Its operation is supported by ThoughtWorks, the world-renowned software development company, and Quorum, the private distributed ledger of JPMorgan Corporation.
Equinor, a supplier of oil and gas from Norway, as well as trading firms, namely the Swiss Gunvor Group and Mercuria Energy Group, the American Koch Supply & Trading, became participants in the consortium.
At first, only Equinor, Mercuria, and Koch will work on the VAKT blockchain, entering into contracts exclusively for the sale of BFOET oil. In 2019, the platform is going to integrate other companies and increase the volumes of physically traded raw materials.
For the proper development of a trading company, two things are necessary – modern technologies and the speed of decision making. Thanks to the ability to optimize trading processes, VAKT provides both and also sets industry standards, Eren Zekioglu, Operations Director at Gunvor, states.
As previously reported, companies from Russia and Belarus have conducted a deal on blockchain.