Blockchain commodity trading platform Vakt adds Chevron and Total to its members club..
- 4 weeks ago
Chevron has joined other energy heavyweights Total, from France and Indian based refiner Reliance Industries in becoming members of the Vakt platform.
The Vakt platform is a UK based blockchain platform for commodity trading which is backed by JPMorgan’s very own Quorum, which also happens to be blockchain based.
Vakt’s aim is to renovate the oil business, by becoming a digital transaction platform and increase the speed and safety of logistical operations, which according to Total’s head of trading and shipping, Thomas Waymel, can only be of benefit.
“Total has been supporting industry initiatives to digitize cargo post-trade processes for some time.”
And it has already some well-known members such as BP, Shell, Gunvor, Mercuria and Equinor joined the platform in November of last year.
Source: Smart Trend Team