Chevron, Total and Reliance have joined a group of oil and gas companies — such as BP and Royal Dutch Shell, among others — in Vakt, a digital platform for crude oil trading based on the blockchain technology.
The platform, created in the end of 2018, is now backed by five of the largest companies in the industry by market capitalization.
It is the first blockchain-based platform for physical oil trading. Traditionally a Kafkian process, the trading of physical commodities becomes, with this new option, faster, cheaper and more secure — with all the paperwork transferred to a real-time blockchain platform.
“Chevron is joining the Vakt consortium to stay at the forefront of the technology’s development and to help move the industry forward in the blockchain space,” told Colin Parfitt, president of supply and trading at Chevron.
Future plans around the platform include the expansion of its activities to all physically traded energy-related commodities.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news