Hopelijk begrijpt men wat dit betekent: "shareholders in the Vakt consortium comprise of Gunvor, ABN AMRO, Koch, ING, Mercuria and Societe Generale, in addition to Shell, Equinor, and BP.
Blockchain Technology-Based Oil and Energy Platform Primed to go Live by 2018 End
November 14, 2018 19:00 by Aisshwarya Tiwari
Blockchain Technology-Based Oil and Energy Platform Primed to go Live by 2018 End
A blockchain technology-based platform backed by global oil and energy giants BP, Shell, and Equinor is poised to go live by the end of the year, reports S&P Global, November 12, 2018.
Aim to Modernize Physical Energy Post-trade Processes
In the 21st-century trade world, the global energy and oil industry still relies a great deal on orthodox and outdated paperwork. The endeavor by industry giants is aimed towards a more efficient and faster alternative by utilizing digital smart contracts.
The move towards digitization would further help the companies to raze down their costs, reduce the risk of manual errors, and simplify back-end trading operations.
Platform consortium Vakt’s product development vice-president Lyon Hardgrave expects the DLT-powered oil project to go live by the end of November in the North Sea oil market. Hardgrave stated:
“In 2019 we will look at ARA barges, waterborne markets and U.S. crude pipelines. And by January we expect the first licensees will come on board, in addition to our shareholders.”
It was also learned that Vakt had received requests to consider petroleum chemicals and U.S. gas as well. Notably, shareholders in the Vakt consortium comprise of Gunvor, ABN AMRO, Koch, ING, Mercuria and Societe Generale, in addition to Shell, Equinor, and BP.
With regard to the utility of the platform, Hardgrave stated:
“This not a trading platform, nor a settlement platform – there is no cryptocurrency involved. But it is everything in between: deal recap; confirmation; contract; logistics (the really big element in all this) — and invoicing.”