The global energy market giants BP, Shell, Gunvor, Mercuria and Equinor along with some major banks have joined the blockchain platform by Vakt. The new project is designed to optimize raw materials trading via implementation of smart-contracts among other features.
"VAKT is an independent company created and backed by some of the world’s premier energy majors, commodity traders and banks," reads the press release.
The company will be connected with Komgo platform that came into operation in September and will deal with the funding area, whereas Vakt is said to be a logistical division.
Initially, the platform will be used by Equinor, Mercuria and Koch, and trading will be only for crude BFOET oil. In the long run, it is planned to add all physically traded commodities and enable other companies to enjoy trading via Vakt in early 2019.
“To be great, a trading company needs two things: good technology and speed. By radically streamlining post-trade processes, VAKT offers both. This is a big step for the physical energy trading markets and I see VAKT becoming the industry standard,” said Eren Zekioglu, Chief Operations & IT Officer at Gunvor.
For reference, Vakt Global was founded in November 2017. Along with BP, Shell, it includes Koch Supply & Trading and Mercuria as well as banks like ABN Amro, ING, Societe Generale.