Blockchain platform for oil trade ready to be launched
The tool based on blockchain technology and built by Vakt Global is now available to provide innovative solutions for the trade of energy raw materials
The new platform is now ready to facilitate the trade of crude oil among commodity companies, claiming to be the first-class business solution within the oil and gas market.
The consortium includes members such as Shell, BP, Statoil, Gunvor, Koch Supply & Trading, Mercuria and financial entities such as ABN Amro, ING and Societe Generale.
The purpose of the block chain is to help commercial companies replace paper documentation with smart contracts.
By automating parts of the process, the measure is expected to help companies reduce costs and errors. Also, make post-trade processes more efficient.
Vakt Global, the company that built the project, said it aims to lead the migration of all forms of energy transaction data to blockchain, to improve the quality of the data, further strengthen security and increase the speed of settlements throughout industry, while reducing costs for participants.
L.Sáenz
Source: DiarioBitcoin
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