VAKT, Blockchains, Consortia and Solving Industry Problems

I recently had the opportunity to talk with Ms. Frances Dean, VP Operations & Corporate Services, and other senior members of the VAKT team. VAKT is a ‘blockchain initiative’ formed via a consortium of oil companies and banks (BP, Gunvor, ABN-AMRO, Equinor, Koch, ING, Shell, Mercuria and Societe Generale) focused on solutions for post-trade processing. It describes itself as “.. a digital ecosystem for physical post-trade processing. Leveraging blockchain technologies, it is a single source of the truth for the trade lifecycle. It will eliminate reconciliation and paper-based processes, enhance efficiency and create new trade finance opportunities. “Recently, the platform went live for the physically traded BFOET crude oil business and is perhaps the world’s first fully operational, enterprise-grade blockchain platform to enter the market. Real-World Use While most blockchain initiatives are still very much in a POC mode, VAKT is actually being used by its customers. “VAKT is 6-9 months past the POC phase and has taken things to the next level,” I was told. VAKT was formed to solve specific industry problems and has worked to identify shared problems with its members where technology might be applied to help resolve these issues. It quickly identified the physical post-trade… continue reading

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