Blockchain Platform Backed by Oil and Banking Giants Goes Live

UK-based blockchain venture VAKT launched its commodity trading platform this Wednesday, shareholder Gunvor Group told Reuters. Currently, the platform focuses on oil trading, allowing companies that physically trade BFOET crude oil to streamline processes and benefit from improved security. VAKT is claimed to be the world’s first blockchain-based commodity trading platform that is fully operational and aimed at enterprises.

In November 2017, we reported that VAKT had been launched by a group of banking giants, oil companies, and commodity trading firms, including British Petroleum ( BP (LON:BP)), Equinor,…

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