Cryptoless Digital Trading
The Vakt platform will be used by the oil companies to primarily move from paper-based documentation and contracts to digital smart contracts. The platform has been designed purely for helping the organizations move into the decentralized age and speed up different documentation, confirmations, logistics, invoices and much more. This means that the platform will not be using any type of cryptocurrency at all.
The three companies are amongst the largest oil companies in the world. Dutch based Shell annual revenues cross USD 300 billion. British Petroleum comes at second with a slightly lower 245 billion US Dollars. Norwegian Equinor, though having very low revenues compared to the other two, still has an impressive USD 60 billion.
With the use of blockchain, the point of inefficiencies and other time-consuming issues will be sped up many folds. Smart contracts will ensure that processing of documentation is smooth and free flowing. With the implementation of the Vakt blockchain system, the oil companies are expecting a drop of around 40% in their energy trading costs.
Vakt, Post Trade Management
Vakt blockchain platform has been designed to help commodity trading industries to digitize their working in order to increase efficiency and bring down costs. The platform already has a number of trading companies and banks such as ABN AMRO and ING. The addition of the oil producing companies further enhances the platform’s ability to provide world class decentralize powered services.
Vakt is currently looking to expand on the energy trading sector with interests bringing in US crude oil pipelines, tankers and other sea borne oil transport organizations on board.