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Chevron, Total, and Reliance Industries sign up for blockchain management platform Vakt

Post trade management platform VAKT has announced three new strategic investors – in the shape of oil and gas giants Chevron, Total, and Reliance Industries.

The companies, who are among five of the world’s top 10 largest oil and gas companies by market capitalisation, will also become early users of the company’s blockchain-enabled offering.

Chevron, Reliance and Total are among the five of the world’s top ten largest oil and gas companies by market capitalisation.

VAKT’s blockchain-based platform, which was launched in November, is claimed to be the world’s first fully operational enterprise-grade blockchain solution that assures major efficiency gains and cost savings for post-trade processing, including trade finance. When first introduced, the platform was launched for the North SEA BFOET crude oil market. It reduces reconciliation and paper-based processes by managing physical energy transactions from trade entry to final settlement.

Major energy players, such as BP, Equinor and Shell; independent traders Gunvor, Koch Supply & Trading, and Mercuria; and banks ABN Amro, ING and Société Générale, are the original investors and first users of the blockchain-based platform.

The first public launch to non-consortium licensees are expected to take place in early 2019.

A similar platform called Komgo was introduced back in September to allow financing for trading of commodities ranging from oil to wheat. It was developed in partnership with ConsenSys and is run by Swiss firm Komgo, whose founders include ABN AMRO, BNP Paribas, Citi, Crédit Agricole Group, Gunvor, ING, Koch Supply & Trading, Macquarie, Mercuria, MUFG Bank, Natixis, Rabobank, Shell, SGS and Societe Generale. Traders involved in this platform will be able to use a digital letter of credit instead of sharing bundles of paperwork.

Interested in hearing leading global brands discuss subjects like this in person? Find out more at the Blockchain Expo World Series, Global, Europe and North America.

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