Shell and BP support blockchain platform for oil market
The oil companies are part of a group that plan to launch a blockchain platform to automate processes in the energy industry by the end of 2018
The initiative built by VAKT Global aims to help oil companies replace paper documentation with smart contracts, a transformation that is expected to reduce costs, minimize the risk of errors and make post-trade processes more efficient. The effort will include a secure platform based on blockchain in real time to manage physical energy transactions.
The tool will be executed as a new company by the members of the consortium, it will be managed and operated as an independent entity. Regulatory approvals for the company are still pending. The first dealers are expected to be on board by January.
Lyon Hardgrave, vice president of product development at VAKT Global, said: “We expect to start operating at the end of November in the North Sea oil market. In 2019 we will analyze ARA barges, aquatic markets and US crude pipelines.”
In addition to Shell and BP, other members of the group are the Norwegian energy company Statoil, commercial houses such as Gunvor, Koch Supply & Trading and Mercuria and banks such as ABN Amro, ING and Societe Generale.
L.Sáenz
Source: DiarioBitcoin
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