VAKT, an independent company focused on creating an industry-wide post-trade processing platform for commodities through blockchain, announced today its launch and strategic alliance with Deloitte and ThoughtWorks. Moving beyond the proof of concept stage, VAKT is now creating a production blockchain platform to digitise the global commodities trading industry. By managing physical energy transactions on a distributed ledger, VAKT aims to create a secure, trusted ecosystem for counterparty interaction, with anticipated gains in cybersecurity, operational efficiency and trade finance. The platform will focus on post-trade processing to create a single source of truth for the trade lifecycle, eliminating reconciliation and paper-based processes. The first production version of this platform is currently under development and is expected to be operational by year-end. The platform will be sequentially introduced in three markets – North Sea crude oil, US crude oil pipelines and Northern Europe refined product barges with additional markets to be added in 2019. John Jimenez from BP was appointed as VAKT’s interim CEO. In addition to Jimenez, further senior appointments to the management team include Adam Vile, Chief Technology Officer and Lyon Hardgrave, Vice President of Product and Business Development. Commenting on the new venture, Jimenez said “The response following our initial announcement has been… continue reading
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