Blockchain Platform set to be used in North Sea crude oil trading

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Blockchain Platform set to be used in North Sea crude oil trading

The major oil and trading firms in the North Sea, might soon be trading on a Blockchain-based platform for the first time in the history, as a spokesman with knowledge in this regard mentioned. However, if the North Sea crude oil firms and traders start to trade in a Blockchain-based platform, that would certainly revolutionize the market and the cryptos could have offered many-fold returns.

In recent year, the commodity firms have been researching about the implementation of blockchain technology in commodity trading, and several researched concluded that a blockchain based technology have the potential to significantly cut the cost.

London Based blockchain platform, Vakt is expected to start their operation soon, however, their shareholder Gunvor Group told that they had already started to operate on Wednesday, last week. However, no trade took place in that day., In fact, Blockchain is the technology behind Crypto Currency Bitcoin, viewed by many as a potential solution to settlement and trade inefficacies and to improve transparency, alongside, to reduce the risk of fraud.

The blockchain technology provider, Vakt, was established in 2017 by a consortium, which includes Royal Dutch Shell and oil majors BP, alongside, Norway’s Equinor, Mercuria Energy group, Gunvor and Koch supply and trading. Initially, these firms will be using Vakt, and the access will open in January, next year.