Three major oil companies Chevron, Total and Reliance Industries have invested in blockchain-based oil platform Vakt.
Vakt manages physical energy transactions, from trade entry to final settlement.
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The companies will also implement Vakt’s blockchain-enabled platform, which was launched in November.
The platform simplifies commodity post-trade processing using blockchain technology, eliminating reconciliation and paper-based processes through digitisation.
Total Trading & Shipping president Thomas Waymel said: “Total has been supporting industry initiatives to digitise cargo post-trade processes for some time. 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, which is linked to a full digital ecosystem. We aim for simplification of the daily work of our logisticians in Europe, the Americas and Asia.”
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By GlobalDataDeployment of Vakt will offer buyers and sellers a single source of truth with a distributed audit trail.
The platform is expected to deliver efficiency gains and cost savings for post-trade processing, including trade finance.
Vakt was established in 2017 with investment from BP, Equinor and Shell. Other investors in the platform include traders Gunvor, Koch Supply & Trading and Mercuria, as well as banks ABN Amro, ING and Société Générale.
Reliance Industries executive director PMS Prasad said: “VAKT’s platform will help lead the transition away from traditional systems involving manual exchange of information between participants to an integrated platform, thereby enhancing transparency, data security and capturing efficiencies.”
