Large oil companies will translate trade on blockchain

Petroleum companies BP, Shell, and Equinor, together with financial partners, will launch the VAKT Blockchain-platform for trade transactions with energy resources until the end of November.

In addition to oil companies, Abn Amro, Ing, Societe Generale banks, as well as trading houses Gunvor, Koch Supply & Trading, Mercuria joined the project. Although for the first time the product was announced in 2017, but the full-featured version will be launched within a month. The decision will help representatives of the energy industry to get rid of the mountains of documents, replacing them with smart contracts, which saves time and improve the efficiency of trade transactions in the North Sea oil market.

According to the organizers, the platform reduces the costs of after-sales harmonies by 40%. In the future, partners plan to develop solutions for petrochemical products and gas, and attract new participants from the United States.

However, the supply of oil workers is not unique. A similar platform Komgo SA has already been deployed in Switzerland, and group banks