Major Oil Firms, Banks Partner to Launch Blockchain Platform for Energy Commodity Trading

Major oil companies BP (LON:BP), Shell (LON:RDSa), and Equinor have united with large banks and trading houses to launch a blockchain-driven platform Vakt for energy commodity trading. The partnership was reported by independent news agency covering energy and commodities markets S&P Global (NYSE:SPGI) Platts Monday, Nov. 12.

Apart from the three oil companies mentioned above, Vakt includes banks ABN Amro, ING, and Societe Generale (PA:SOGN), along with trading houses Gunvor, Koch Supply & Trading, and Mercuria. The blockchain solution, first announced in November 2017, will enable major industry players to move from “cumbersome” paperwork to smart contracts, thereby helping to reduce time spent on operations and make trading more efficient.

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