A blockchain-powered post-trade platform meant for the oil industry called
A blockchain-powered post-trade platform meant for the oil industry called Vakt has managed to land four new clients. As per a recent statement published on the official website of the firm, the deals have been finalized with all four of these clients.
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Vakt is due for its official launch soon, on the occasion of International Petroleum Week, being organized in London from today, 26th of February. According to what its new CEO Etienne Amic said, the client has managed to bag firms to add its clientele even before it has been officially launched.
The platform was initially backed by key members of the oil industry, including Total, Shell and BP. Gunvor and Mercuria, two traders and industry biggies like Reliance Industries, Chevron and Equinor had also extended their support in terms of investment to this brand new platform. The newly signed on clients will now join all these major firms as associates of Vakt.
With the new contracts in place, Vakt will be used as the main platform in handling about two-thirds of all oil deals that take place in the North Sea Zone. As per the statement given by CEO, Amic, a successful adoption of this blockchain solution in the oil industry would prompt other related energy sectors to start considering blockchain solutions as well.
The announcement published on Vakt’s website explains how the platform works in the following words:
“Apart from the buyers and sellers, other service providers such as terminal or pipeline operators, port agents and inspection companies are involved in helping the material to move along the supply chain. By putting the information processing and paper trail on blockchain, traders are looking to reduce costs and improve efficiency.”
CEO Amic, who earlier worked as an executive with JP Morgan Chase, emphasized on how they were trying to reach out to at least sixty to seventy per cent of the market to be able to reach a point (what he describes as the “ignition point”) that would give other members of the oil industry or allied sectors reasons to join.