Vakt (a blockchain platform for oil trade and gas)

2018: Start of the platform

At the end of November, 2018 the Vakt blockchain platform created by consortium under supervision of the leading oil-extracting companies for sale of oil and gas of five main brands also known as BFOET was put into broad commercial operation (Brent, Forties, Oseberg, Ekofisk and Troll).

Similar to it pilot projects received special popularity as dealers in raw fuel estimated the potential of the blockchain technologies capable sharply to reduce costs in the conditions of low profit. The blockchain platform is considered by many as solution of the problem of inefficient trade and also as a method of increase in transparency of transactions and reduction of risk of fraud.

The blockchain platform for oil trade and gas is started

Vakt became the first such platform. It was developed in 2017 by consortium which includes oil giants British Petroleum (BP) and Shell, the Norwegian company Equinor, the global energy trading companies Mercuria Energy Group and Koch Supply and Trading and also Gunvor. Originally only these companies will be able to use Vakt, and broader access will be open in January, 2019, developers promise. Banks acted as three more shareholders ABN Amro, ING and Societe Generale.

The main objective of the platform — to lower bureaucratic costs for what all contracts will be transferred to a form of smart contracts on a blockchain. Some parts of the process will also be automated at the expense of what operating expenses and an error probability will decrease.

Vakt will interact with other platform started at the beginning of 2018 which will provide financing, including digital letters of credit and communication with other banks. It is meant that the platform of financing will be aimed at a full range of trade in raw materials - from oil to wheat.

All industry of fuel industry will benefit from implementation of blockchain technologies, on assurances of founders of Vakt.^[1]

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