Now that VAKT has established its products through broader adoption, it has been able to establish some ROI’s and made these the focus of its new web presence. As its website states, “VAKT was formed in 2018 by a group of oil majors, traders, and trade finance providers. Our founding partners recognised a problem that required collective action: the physical post trade process was reliant on manual, complex, repetitive and therefore error-prone processes. By coming together and conducting their post trade work on a blockchain-enabled platform, they saw that these problems could be solved, and that they could better protect the value of their trades.” For example, vSure helps to eliminate paper contracts and utilize simple digital confirmations and affirmations of oil trades in the European barge and vessels market. VAKT is aiming to extend its use into other markets like the US Pipeline and global vessels markets via a series of Proof of Concepts programs with existing users and fully expects to transform these other markets as well, Dale Becker recently told me. Current users of vSure are experiencing some serious business benefits. Error elimination is one benefit that VAKT values at $4.07 million per $100 billion in turnover,… continue reading