November 2018: VAKT goes live with world first enterprise grade blockchain platform

LONDON – NOVEMBER 29, 2018 – VAKT, the company re-imagining commodity post-trade processing underpinned by blockchain, has launched its platform in its first market. Participants in the physically traded BFOET crude oil business – including some of the world’s premier energy traders – will now benefit from improved security and efficiency. This private launch marks the world’s first fully operational, enterprise-grade blockchain platform to enter the market. VAKT is an independent company created and backed by some of the world’s premiere energy majors, commodity traders and banks. Of these, BP, Equinor, Shell, Gunvor and Mercuria have launched privately as VAKT’s first users, running in parallel with their internal systems, with the platform set to open to the wider market in January. John Jimenez, Interim CEO, comments: “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.” VAKT’s other backers include Koch Supply & Trading, ABN Amro, ING and Societe Generale. VAKT has created a secure, real-time blockchain-based digital… continue reading

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