VAKT Global, a consortium of major energy producers, traders and banks, said in a press release Thursday it had launched its blockchain-based trading platform. The platform aims to make crude oil trading more secure and efficient, and less costly by replacing outdated paper-based methods with a distributed ledger system.
Energy giants Shell, BP and Equinor, and traders Gunvor and Mercuria will be the first users of the platform, although they will concurrently run their own systems, VAKT said. The platform will open to a wider market in January.
These companies, along with Statoil, Koch Supply & Trading and the banks ABN Amro, ING and Societe Generale founded the consortium last November.
“Launching into our first market with such high-caliber first users is a transformational moment for us and the industry,” said John Jimenez, VAKT Interim CEO. “But it’s just the start. Success for a blockchain solution depends on widespread adoption and we’re looking forward to seeing the ecosystem grow.”