Oil and gas companies BP, Shell and Equinor has teamed up with a number of banks to launch in late November, the blockchain platform Vakt, designed for trade in energy products. Among those who supported the initiative, according to information announced at the summit S&P Global Platts Digital Commodities in London, include banks ABN Amro, ING, Societe Generale, as well as commodity traders Gunvor, Mercuria, Koch Supply & Trading.
The platform will begin work on transactions on delivery of oil under the North sea. And in 2019, according to the President Vakt product development Liana of Hardgrave (Lyon Hardgrave), to participate in its work plan to attract new market participants in new regions. However, he argues that the transition to managing processes using blockchain technology will reduce transaction costs in closing activities by almost 40%.
We will remind that in February of this year the company S&P Global Platts launched a decentralized platform to monitor transactions in the Fujairah Oil Industry zone (UAE). And in September, a group of large companies including ABN Amro, BNP Paribas, Citi, Crédit Agricole, MUFG Bank, Societe Generale, Rabobank, ING, Natixis, Macquarie, Koch Supply & Trading, Mercuria, Gunvor, Shell and SGS set up a joint venture Komgo SA to develop, in collaboration with startup ConsenSys blockchain-based platforms Ethereum aims to translate the processes of trade Finance and commodity trading.