Oil majors join London-based blockchain trading platform

Chevron, Total and Indian refiner Reliance Industries are the latest major oil companies to have joined London-based blockchain trading platform Vakt.

Vakt was created in 2017 by a consortium comprised of BP, Royal Dutch Shell and Norway’s Equinor to be one of the first blockchain pilot schemes for commodities trading.

The platform aims to increase efficiency and reduced costs in post-trade processing through the use of blockchain – the technology behind cryptocurrency Bitcoin.

The new additions to Vakt mean that five of the world’s top 10 biggest oil and gas companies have signed up to the service, which will digitise and centralise data between all parties involved in each deal.

“These are global companies with a history of innovation who will help Vakt expand the platform across physically traded energy commodity markets worldwide,” said Vakt’s chief technical director Adam Vile.

“Their substantial investment in Vakt is further evidence of the industry’s appetite for collaborative solutions,” he added.

Meanwhile, Total’s head of trading and shipping Thomas Waymel said: “Total has been supporting industry initiatives to digitise cargo post-trade processes for some time.

“We view them as a major step forward towards safer, faster and cheaper logistical operations. We are committed to contribute to the roll out to various markets of the Vakt blockchain platform.”