Oil behemoths join Shell and friends on energy trading blockchain

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Oil behemoths join Shell and friends on energy trading blockchain
By Matthew Beedham


The centuries-old, paper-based trading process of the oil and gas industry was overhauled last year, courtesy of the blockchain and an industry consortium originally including Shell, BP, ABN Amro, ING, and Societe Generale. The industry platform, called VAKT, announced yesterday that a host of new petrochemical and oil giants – including Chevron, Total, and Reliance – are joining the likes of Shell and jumping aboard the energy trading platform, Reuters reports. Traditionally, the buying and selling of energy commodities is paper-based, meaning that credit notes and invoices have to be completed manually, and then emailed, faxed, or even posted to the…

This story continues at The Next Web


January 16, 2019 at 10:12PM
via The Next Web http://bit.ly/2TXfy8h

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