Blockchain Platform Backed by Oil and Banking Giants Goes Live
VAKT, a blockchain-based commodity trading platform backed by BP, Shell, Mercuria, ING, and Societe Generale, is now fully operational.
Eren Zekioglu, head of Gunvor’s Operations and IT unit, commented:
"VAKT is the logistical arm...Once a deal is executed through our book of records, it gets pushed through VAKT. The next leg is the financing and the link-up with komgo gives access to several banks."
Andrew Smith, executive vice president of Trading & Supply at one of Shell’s subsidiaries, stated:
"Digitalisation is changing how the energy value chain works. Collaboration with our peers and some of the industry’s key players is the best way to combine market expertise and achieve the scale necessary to launch a digital transaction platform that could transform the way we all do business. Ultimately the aim is improved speed and security, which benefits everyone along the supply chain from market participants to customers."