A new way for companies to achieve efficiency with the Blockchain

The Vakt company is a London based business that is focused on bringing and reimagining commodities with post-trade processes that can be underpinned with the Blockchain technology. Vakt has launched its first platform on the market which has started heating up the markets.

These include participants in the physically traded BFOET crude oil business, together with some of the world’s premier energy traders that will be benefiting from these improvements on security and efficiency.

This new blockchain platform will mark the worlds first fully operational, enterprise-grade blockchain platform to enter the market. The Vakt company is an independent company that was created and backed by major energy commodity traders and banks of the world.

The companies that have chosen to part take in the private launch of this platform are Equinor, BP, Gunvor , Shell and Mercuria as Vakt’s first users of the platform. This will also be running in parallel with their internal systems. The platform is officially set to be open to the market in January 2019.

The CEO of Interim, John Jimenez stated:

“We’ve been overwhelmed by the strength of response to the VAKT concept. Launching into our first market with suchhigh-calibre first users is a transformational moment for us and the industry. 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.”

There are a lot of companies that have gained interest in this new platform by the VAKT which includes, ING, Societe Generate, ABNA Amro and Koch Supply & Trading and are considered as backers of this platform.

The Blockchain industry is ready to enter global institutions via Vakt platform

According to a statement coming from the Chief Operations & IT Officer, Eren Zekioglu at Gunvor :

“To be great, a trading company needs two things: good technology and speed. By radically streamlining post-trade processes, VAKT offers both. This is a big step for the physical energy trading markets and I see VAKT becoming the industry standard.”

Vakt has decided to initiate the launch to be limited to trading specifically in BFOET crude oil contracts, however, VAKT’s goal and ambition is to be able to extend the platform to all physically traded energy commodities.

Also, Vakt is focused on building its roadmap based on the response of the industries need for crude oil pipelines and with Northern European refined product barges, that currently launches in early 2019.

According to Andrew Smith of the EVP Trading & Supply, Shell International Trading and Shipping company Limited, the Digitalization of the global economy is changing the way the energy value chain works.

“Collaboration with our peers and some of the industry’s key players is the best way to combine market expertise and achieve the scale necessary to launch a digital transaction platform that could transform the way we all do business. Ultimately the aim is to improve speed and security, which benefits everyone along the supply chain from market participants to customers.”

What are your thoughts on these developments? Feel free to leave your comments down below.