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 and BP, has launched to bring new efficiencies to energy commodities trading. 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. The blockchain platform is aimed to help trading companies replace paper-based documentation with smart contracts. By automating parts of the process, the move is expected to help companies cut costs, reduce errors and make post-trade processes more efficient.