Large oil companies will transfer trading to blockchain

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Large oil companies will transfer trading to blockchain

Oil companies BP, Shell, and Equinor to launch Vakt blockchain platform with financial partners for energy trade deals by the end of November.

In addition to oil companies, banks ABN Amro, ING, Societe Generale, as well as trading houses Gunvor, Koch Supply joined the project.&Trading, Mercuria. Although the product was first announced in 2017 year, but the fully functional version will be launched within a month. The solution will help the energy industry get rid of mountains of documents, replacing them with smart contracts, which saves time and increases the efficiency of trade transactions in the North Sea oil market.

According to the organizers, the platform can reduce the cost of after-sales approvals by 40%. In the future, the partners plan to develop solutions for petrochemical products and gas, and attract new participants from the USA.

However, the oil industry’s offer is not unique. A similar platform komgo SA has already been deployed in Switzerland, and the banks of the group «Raiffeisen» released an international bank guarantee on the R-chain blockchain as a security for the supply of goods between «Gazprom Neft» and the Belarusian MNPZ.

text: Ivan Malichenko, photo: Pixabay