The VAKT platform is a post-transaction process management system, allowing you to agree on the terms of purchase and sale and monitor the supply of raw materials. The goal of the platform is to digitalize the global trade industry by creating a reliable ecosystem on the blockchain.
The platform was founded by large energy companies and banks ABN Amro, ING, Societe Generale, BP, Equinor, Shell, Gunvor, Koch and Mercuria, who primarily wanted to simplify the trading process for themselves. For now, only these companies are participants in the platform, but in January the platform will be open to new clients. Trading companies will use the VAKT platform to complement their existing trade management systems.
The platform will initially be limited to crude oil contracts in the BFOET market, with future intentions to extend services to all physically traded energy commodities.
Shell Executive Vice President of Trading and Supply Chain Andrew Smith said:
Ultimately, our goal is to improve the speed and security of trading, and this benefits everyone in the supply chain from participants. market to customers.
According to cointelegraph.com
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