Crypto Frontline

Vakt Oil Blockchain Platform Attracts New Big Players

Vakt Oil Blockchain Platform Attracts New Big Players

Vakt Oil Blockchain Platform Attracts New Big Players
January 16
10:45 2019

 

Although cryptocurrencies are not in their best period right now, blockchain-based applications continue to impress and that is the case with Vakt – an oil platform based on the blockchain, which facilitates transactions with oil from the North Sea.

A lot of big corporations are starting to get attracted by the features of blockchain technology and we have seen recently some rumors about Facebook planning to launch a cryptocurrency.

General information about Vakt

However, in the case of Vakt there’s no cryptocurrency involved, the blockchain being used to centralize and digitize what was in the past “a mountain of paperwork” which was necessary for each oil deal. The firm is based in London and the platform was built in 2017.

Among the Vakt members, we can mention a lot of big names: BP and Equinor, Royal Dutch Shell, traders Mercuria, Koch, Gunvor, and banks such as ING, Societe Generale and ABN-Amro.

According to John Jimenez, the current Vakt CEO, “the blockchain reduces cyber risks, the cost of trade, finance, and fraud.”

New Big Companies Join Vakt

According to a recent investing.com article, major oil producers Chevron and Total, alongside with Reliance Industry – a major Indian refiner, had recently joined the blockchain-based platform Vakt, as they realized how important is the blockchain as a solution for trade inefficiencies and as a mean to bring transparency in every field.

Thomas Waymel, the Total’s head of trading and shipping told that:

Total has been supporting industry initiatives to digitize cargo post-trade processes for some time. We view them as a major step forward towards safer, faster and cheaper logistical operations. We are committed to contribute to the roll out to various markets of the VAKT blockchain platform.

In this uncertain period for cryptocurrency prices, it seems like people interested in the blockchain technology could go down on different avenues. With valuations at extremely low levels, it would be much better to learn how to code a blockchain, or even think about a business plan for a new company with the blockchain technology at its core.

Rather than just waiting for the cryptocurrency prices to go up, people could also besides that learn how to actually use the technology and make a living out of this with reduced risks. Bitcoin is now around $3,600, Ether around $123, both down more than 80% from the highs made a year ago. It will take a long time to reach those levels, so in the meantime, you could start and do some things more practical.