More Oil Giants to Join Blockchain-Based P | BLOG Certified
Chevron, one of largest American multinational energy corporations, and two other major energy companies have joined Vakt, a United Kingdom-based blockchain platform for energy commodity trading. Reuters reported on the development on Jan. 16. Along with Chevron, Total, a leading French multinational integrated oil and gas company, and major Indian refiner Reliance Industries have become members of the Vakt platform. The article stresses that the agreement is a step towards quicker and safer logistical operations. The Vakt platform, backed by JPMorgan's Quorum blockchain technology, aims to become a digital transaction platform that would transform the oil business worldwide. Thomas Waymel, the Total's head of trading and shipping, underlined in a statement: "Total has been supporting industry initiatives to digitize cargo post-trade processes for some time." Back last fall, the world's leading oil companies such as BP, Shell and Equinor had agreed to unite with large banks and