A blockchain platform built by Vakt Global, a consortium venture set up by major firms including Shell and BP, has launched to bring new efficiencies to energy commodities trading.
According to a tweet from the company Thursday, the platform is now ready to facilitate the trade in crude oil between commodity firms, claiming to be the “first enterprise-grade” blockchain solution within the oil and gas market.
“Our 5 investors within the BFOET market have now gone live on the VAKT platform!,” the tweet reads. The BFOET market includes five North Sea crude oil fields – Brent, Forties, Oseberg, Ekofisk and Troll. The company plans to expand to other markets next year.