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In a press release on November 29, it was revealed that the oil trading platform company VAKT has launched a blockchain based processing tool to an initial group of crude oil industry clients. VAKT provides a blockchain based platform for physical post-trade processing. It is an independent company that has the support of some major players in energy, commodity traders and banks. What makes this news so exciting is that VAKT is the world’s first fully operational and enterprise-grade blockchain platform to enter the market.
The first uses of VAKT platform are also impressive, with Shell, Gunvor, and Mercuria on the list. Having such major companies lend their support to a blockchain platform is significant. Most us of can envisage blockchain platforms becoming the norm in the future, but that doesn’t happen overnight. Even when the technology is all ready to go, it’s the social buy-in that’s needed to make blockchain a viable worldwide way of doing things. And by lending their support, this is exactly what Shell and co are doing, they are shaping the way people think about blockchain. The more large, reputable and well-established companies that support blockchain platforms, the more blockchain will be pushed into the public sphere as a legitimate and forward-thinking approach to the future.
The Interim CEO of VAKT, John Jiminez said in a statement:
“We’ve been overwhelmed by the strength of response to the VAKT concept. Launching into our first market with such high-caliber first users is a transformational moment for us and the industry. But it’s just the start: success for a blockchain solution depends on widespread adoption and we’re looking forward to seeing the ecosystem grow.”
The launch is currently limited to BFOET crude oil contracts, but the plan is to roll it out to all physically traded energy commodities in the future. It’s been reported that the platform is set to roll out to a wider market in January 2019. By this time next year, we may see a more developed and more encompassing blockchain platform, which will be a great step forward for blockchain technology.
There is so much exciting news coming out in the blockchain space at the moment, and this news is a great example of how the market is shifting towards a blockchain future. It will be interesting to see how the platform evolves over the coming months and years, and how the industry responds to the platform. As more people use the platform and see its benefits, we may see more companies moving in the direction of blockchain platforms.