Vakt Global claims a bit of blockchain history

Vakt Global has launched its enterprise grade blockchain platform in its first market, oil and gas.

BP, Equinor, Shell, Gunvor and Mercuria have launched privately as its first users, running in parallel with their internal systems, with the platform set to open to the wider market in January.

John Jimenez, Interim CEO, comments: “We’ve been overwhelmed by the strength of response to the Vakt concept. Launching into our first market with such high-calibre first users is a transformational moment for us and the industry. 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.”

“Digitalisation is changing how the energy value chain works. It’s an exciting time,” says Andrew Smith, EVP Trading & Supply, Shell International Trading and Shipping Company.

“Collaboration with our peers and some of the industry’s key players is the best way to combine market expertise and achieve the scale necessary to launch a digital transaction platform that could transform the way we all do business. Ultimately the aim is improved speed and security, which benefits everyone along the supply chain from market participants to customers.”