VAKT, the blockchain-powered post-trade settlement platform for commodities is set to go live by the end of 2018, according to reports from
S&P Global Platts.
The platform is backed by BP, Shell and Koch and will initially cater to the North Sea oil market. However, the plan for 2019 is to involve ARA barges, waterborne markets and US crude pipelines.
VAKT offers a movement away from traditional paper-based transactions, which are costly and prone to errors. Their blockchain solution will allow parties to share mutually beneficial information safely and securely. Furthermore, the traders will have access to an immutable single source of truth, meaning that reconciliation and operational data issues will be eliminated.
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