Blockchain Oil Trading Platform Backed by Shell and BP Is Now Live

A blockchain platform built by Vakt Global, a consortium venture set up by major firms including Shell (LON:RDSa) and BP (LON:BP), has launched to bring new efficiencies to energy commodities trading.

According to a tweet from the company Thursday, the platform is now ready to facilitate the trade in crude oil between commodity firms, claiming to be the “first enterprise grade” blockchain solution within the oil and gas market.

“Our 5 investors within the BFOET market have now gone live on the VAKT platform!,” the tweet reads. The BFOET market includes five North Sea crude oil fields – Brent, Forties, Oseberg, Ekofisk and Troll. The company plans to expand to other markets next year.

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