Many major oil companies such as Chevron, the major Indian refiner Reliance and Total have decided to join the oil blockchain platform Vakt. Vakt is already being used by many companies since last year and it is already launching blockchain pilot schemes.

Vakt was originally created in 2017 by a consortium that reunited most of the major oil companies in the world which intended to get together and use the blockchain technology. These companies included BP and the Royal Dutch Shell, as well as Norway’s Equinor.

Some energy companies like Koch Supply and Mercuria Energy Group. Other shareholders include Societe Generale, ING and the ABN Amro banks.

The platform is mostly used as a solution for making quick settlements in the oil industry and as a way to reduce the risks of fraud in the industry. Vakt’s function is to digitize and centralize the process of trading.

According to Total’s head of trading and shipping, Thomas Waymel, the company has decided to digitize its processes and Vakt was one of the better alternatives out there. He believes that it can be a major step forward in efficiency and innovation and that it will make logistics considerably cheaper as well as to help the market.

Vakt is backed by JPMorgan’s Quorum blockchain tech and it intends to become the main kind of platform for making digital transactions in the oil market.

There is a trend that many companies are slowly turning to the blockchain technology to make their processes faster and more efficient than they currently are. Most of these companies are digitizing their paperwork and turning to the tech in order to improve their logistics.

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