Yesterday morning Vakt Global made a major announcement over Twitter stating that their blockchain oil trading platform is now ready for use.
Vakt received funding for the platforms development from 5 major investors including Shell and BP. The company claims that this platform is the “first enterprise grade” blockchain solution designed to facilitate the trade between crude oil and commodity firms.
The tweet from Vakt states “Our 5 investors within the BFOET market have now gone live on the VAKT platform!” The BFOET market includes five North Sea crude oil fields – Brent, Forties, Oseberg, Ekofisk and Troll. Vakt hopes to expand into more markets in the coming years.
The goal of the platform is to increase the efficiency of trade and to bring new energy to the oil and gas market. The new platform will help reduce paper waste by utilizing smart contract technology. With increased automation the system should also aid in cutting costs and reduce errors.
Other members of the project include the Norwegian company Statoil, trading houses including Gunvor, Koch Supply & Trading and Mercuria, and banks including ABN Amro, ING and Societe Generale.
12 months ago this consortium was formed, and the first line of code was only written in May of this year. The project was delivered on budget and on time by utilizing the combined efforts of Deloitte and Thoughtworks.
According to a launch announcement, In the future the project aims to “lead the migration of all forms of energy transaction data to the blockchain, improving data quality, further strengthening security and increasing the speed of settlements industry-wide, while reducing the cost for industry participants,”