A blockchain platform that digitises and centralises paperwork in deals between oil companies and trading firms has been launched. London-based Vakt will initially be limited for use to founding consortium members including BP, Gunvor and Mercuria, before access is opened up in January. It will also team with Geneva-based komgo, which will offer financing such as digital letters of credit. To begin with Vakt users will be limited to contracts for the five North Sea crude grades used to set dated crude oil benchmark Brent, before it expands to encompass US pipelines and barges of refined products.
A blockchain platform that digitises and centralises paperwork in deals between oil companies and trading firms has been launched. London-based Vakt will initially be limited for use to founding consortium members including BP, Gunvor and Mercuria, before access is opened up in January. It will also team with Geneva-based platform komgo, which will offer financing such as digital letters of credit. To begin with Vakt users will be limited to contracts for the five North Sea crude grades used to set dated crude oil benchmark Brent, before it expands to encompass US pipelines and barges of refined products.