Blockchain news of energy domain has become the latest buzz of international media which is covering the iconic launch of energy commodities trading. The market-leading companies have come together with the banks for the launch of Vakt Global. This is a blockchain powered platform that will perform the tasks of energy commodity trading which marks the debut of this new trend. This consortium has been aligned by world leading oil companies like Shell and BP.
The official announcement of this launch came through their social media handle. It further revealed that the five prime investors of this project within the BFOET market (North Sea crude oil fields – Forties, Ekofisk, Brent, Troll and Oseberg) have already gone live with VAKT. In addition to this, the companies are looking forward to expanding this platform to other markets as well.
Blockchain news of energy domain has received its first enterprise-grade blockchain enabled solution for the oil and gas market. This platform is capable of replacing paper-based documentation with the blockchain based smart contracts that have become quite popular within banking and real estate domain also. The peculiar feature of a smart contract is that it is very highly efficient as compared to the old conventional paper method also it makes the entire process completely automated as mentioned by Interesting Engineering.
Interim CEO of VAKT John Jimenez stated that there has been an overwhelming response in the market towards VAKT. He further added that this is a really big achievement for them as it was received with quite a lot of enthusiasm and positivity considering that this is their first market exposure.
Takeaways OF VAKT
According to The Innovation Enterprise Channels, the most important takeaway of this blockchain platform is that there will a great reduction in the number of errors which will be anticipated by the VAKT system which will eventually save about 40% cost in the post-trade resolution.
This blockchain news of energy domain seems to have a major impact on the operational procedures of the oil and gas companies.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]