• 806 days Will The ECB Continue To Hike Rates?
  • 806 days Forbes: Aramco Remains Largest Company In The Middle East
  • 808 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 1,208 days Could Crypto Overtake Traditional Investment?
  • 1,212 days Americans Still Quitting Jobs At Record Pace
  • 1,214 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 1,217 days Is The Dollar Too Strong?
  • 1,218 days Big Tech Disappoints Investors on Earnings Calls
  • 1,219 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 1,220 days China Is Quietly Trying To Distance Itself From Russia
  • 1,221 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 1,224 days Crypto Investors Won Big In 2021
  • 1,225 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 1,225 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 1,228 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 1,228 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 1,231 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 1,232 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 1,232 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 1,234 days Are NFTs About To Take Over Gaming?
Top Diamond Miners Join Up To Test Blockchain Pilot

Top Diamond Miners Join Up To Test Blockchain Pilot

The world's two largest diamond…

Mastercard’s New Global Trade Hedge

Mastercard’s New Global Trade Hedge

Trade war or not, Mastercard’s…

  1. Home
  2. Cryptocurrencies
  3. Blockchain

Big Oil Doubles Down On Blockchain Tech

Tech

Total and Chevron have joined the Vakt blockchain-based trading platform that BP and Shell launched last year, Reuters reports, adding that India’s refining giant Reliance Industries also signed up for the platform.

News of the platform first emerged in 2017 as blockchain continued to gain popularity. The consortium behind Vakt also includes trading houses Gunvor and Mercuria, as well as Koch Supply & Trading. The platform was financially backed by Dutch ABN Amro, ING, and French Societe Generale. The consortium behind Vakt announced the launch of the platform in November last year.

Big Oil has been eager to embrace the digital age now that the financial and efficiency benefits that some solutions can offer have become obvious. Blockchain specifically, despite the hype, has been adopted by a growing number of companies outside the narrow blockchain and cryptocurrency sector in a bid to make various transactions more secure.

“Total has been supporting industry initiatives to digitise cargo post-trade processes for some time,” the French company’s chief of trading and shipping, Thomas Waymel said in a statement cited by Reuters. “We view them as a major step forward towards safer, faster and cheaper logistical operations. We are committed to contribute to the roll out to various markets of the VAKT blockchain platform.” Related: Automakers Go All-In On Electric Vehicles

At the launch of Vakt, the consortium behind it said that initially, the platform will only process contracts for the five crude oil grades sourced from the North Sea that form the Brent international benchmark. At a later stage, it will include U.S. oil pipelines and cargoes of gasoline and other oil products for Northern Europe, which explains Total’s and Chevron’s early entry.

Besides the four Big Oil companies, the consortium behind Vakt also includes Norway’s Equinor and trading giants Mercuria and Gunvor. Soon, the platform will be made available to non-members of the consortium, according to an S&P Global Platts report from November quoting Lyon Hardgrave, VP of business development at Vakt.

By Irina Slav for Safehaven.com

More Top Reads From Safehaven.com

Back to homepage

Leave a comment

Leave a comment