In a positive turn of events for the blockchain industry, Chevron, Total, and Reliance have joined the oil-trading blockchain platform VAKT. With the vision of digitizing the global commodities trading industry, VAKT has created a secure ecosystem powered by the blockchain.
In November of last year, VAKT launched with the likes of Shell and BP as its first users. Using JPMorgan’s Quorum blockchain technology, VAKT’s plan was to expand its operations this month, and it seems to be on track with the new companies brought on board.
In a statement, Thomas Waymel, head of trading and shipping at Total, says, “Total has been supporting industry initiatives to digitize cargo post-trade processes for some time. We view them as a major step forward towards safer, faster and cheaper logistical operations. We are committed to contribute to the roll out to various markets of the VAKT blockchain platform.“