LONDON – January 16, 2018, – VAKT, the company re-imagining commodity post-trade processing underpinned by blockchain, today announces investment from three new strategic investors: Chevron, Total and Reliance Industries, who will also become early users of VAKT’s blockchain-enabled platform. With their investment, the three new investors join the existing consortium participants to champion industry modernisation and secure their ability to help steer VAKT’s strategic direction and roadmap. Launched on November 28th for the BFOET crude oil market, the VAKT platform manages physical energy transactions from trade entry to final settlement, eliminating reconciliation and paper-based processes. Built using blockchain technology, it provides a single source of truth for buyers and sellers that is safeguarded with an immutable, distributed audit trail. The platform promises major efficiency gains and cost savings for post-trade processing, including trade finance, and marks one of the world’s first fully operational enterprise-grade blockchain solutions. “Total has been supporting industry initiatives to digitise cargo post-trade processes for some time,” said Thomas Waymel, President Trading & Shipping at TOTAL “We view them as a major step forward towards safer, faster and cheaper logistical operations. We are committed to contribute to the roll out to various markets of the VAKT blockchain platform which is… continue reading
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Source: CTRM Center