VAKT Blockchain Platform Launches Data Processing Tool for Oil Companies

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The VAKT platform reported on the integration of the Blockchain data processing tool, targeting the initial group of customers operating in the oil industry. The statement was published in the official press release on November 29th.

The VAKT platform, which uses JPMorgan’s Quorum blockchain technology, will work with BFOET members. The official press release reports that large companies such as BP, Equinor, Shell, Gunvor, and Mercuria will be the first customers to use the new tool.

Companies will use the Blockchain tool in tandem with existing systems, VAKT plans to expand its deployment next January. In the future, the company intends to move from oil to “all physically traded energy commodities.”

It is reported that the tool will be used in conjunction with other VAKT systems, while a larger scale deployment of the platform is planned for January next year. According to the company, in the future, the tool will be presented to other customers working in various fields. Acting CEO John Jimenez said:

“We’ve been overwhelmed by the strength of response to the VAKT concept. Launching into our first market with such high-calibre first users is a transformational moment for us and the industry. But it’s just the start: success for a blockchain solution depends on widespread adoption and we’re looking forward to seeing the ecosystem grow.”

Andrew Smith, executive vice president of trade and supply for Shell, commented:

“Collaboration with our peers and some of the industry’s key players is the best way to combine market expertise and achieve the scale necessary to launch a digital transaction platform that could transform the way we all do business. Ultimately the aim is improved speed and security, which benefits everyone along the supply chain from market participants to customers.”

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