Chevron, one of largest American multinational energy corporations, and two other major energy companies have joined Vakt, a United Kingdom-based blockchain platform for energy commodity trading. Reuters reported on the development on Jan. 16.
The article stresses that the agreement is a step towards quicker and safer logistical operations. The Vakt platform, backed by JPMorgan’s Quorum blockchain technology, aims to become a digital transaction platform that would transform the oil business worldwide.
“Total has been supporting industry initiatives to digitize cargo post-trade processes for some time.”
Back last fall, the world’s leading oil companies such as BP, Shell and Equinor had agreed to unite with large banks and trading houses to establish the blockchain-driven platform Vakt for energy commodity trading, as Cointelegraph reported on Nov. 12.
Later in November, the first Vakt users were announced, among them the aforementioned BP, Equinor, Shell, as well as Gunvor and Mercuria, Cointelegraph wrote on Nov. 29.