Today VAKT
announced it has launched its post-trade blockchain platform for Brent crude oil, its initial target market. VAKT is backed by major energy companies, banks and traders. The private launch sees backers BP, Shell, Equinor, Gunvor and Mercuria go live on the system.
However, at this stage, the organizations are running in parallel to their internal systems. VAKT aims to open up the platform to the broader market in January. And the intention is to expand to all physically traded energy commodities. In early 2019 US crude oil pipelines and Northern Europe, refined product barges are targeted to launch.
“Launching into our first market with such high-caliber first users is a transformational moment for us and the industry,” said John Jimenez, Interim CEO. “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.”
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