The largest energy companies BP, Shell and Equinor want to use the blockchain platform for trading oil and gas.

CoinTelegraph portal clarifies that the largest investment banks ABN Amro, ING and Societe Generale, which serve the financial operations of energy giants, also take part in the development of the Vakt platform.

For the first time, the biggest market players announced their intention to use blockchain technologies in the field of energy supply in November last year. At the same time, it was announced that it would be possible to launch smart contracts on the platform without the involvement of intermediaries and costly bureaucratic procedures.

The first such projects appeared at the beginning of last year, but it never came to the launch of the product. In 2019, Vakt platform developers want to test its capabilities in the North American oil market. If the test is successful, the blockchain network will begin processing American gas sales.

According to one of the developers of the platform Lyon Hardgrave, the launch of a new product will reduce costs in the energy industry by about 40%.

A similar platform was presented in February by S & P Global Platts. This site accumulates information about oil reserves in storage. For the first time, such product began to be used in the United Arab Emirates.