{"id":17962,"date":"2024-03-07T01:40:49","date_gmt":"2024-03-07T06:40:49","guid":{"rendered":"https:\/\/www.comtechadvisory.com\/blog\/vakt-sees-progress-on-its-initial-vision\/"},"modified":"2024-03-07T01:40:49","modified_gmt":"2024-03-07T06:40:49","slug":"vakt-sees-progress-on-its-initial-vision","status":"publish","type":"post","link":"https:\/\/www.comtechadvisory.com\/blog\/vakt-sees-progress-on-its-initial-vision\/","title":{"rendered":"VAKT Sees Progress on its Initial Vision"},"content":{"rendered":"
\n

It had been sometime since we had had a briefing from VAKT. It was formed in 2018 by a group of oil majors, traders, and trade finance providers. Its founding partners had seen a problem that they believed required their 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. Today, VAKT is essentially a set of platforms that its customers are connected to via APIs to exchange, compare and agree on data relating to\u00a0physical oil trades and confirmations, vessel logistics and inspection operations.\u00a0It recently announced a new CEO, Tasja Botha, and so I was keen to learn where the company was and how it was doing. I spoke with Edward Cheetham last week to catch up and he described VAKT as providing its customers with \u201cthe means for their ETRMs to exchange data with the outside world.\u201d Right now, it provides services in several areas for barge oil trades. These include confirmation handling for waterborne oil trades via vSure, logistics… continue reading<\/a><\/p>\n

The post VAKT Sees Progress on its Initial Vision<\/a> appeared first on CTRM Center<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

It had been sometime since we had had a briefing from VAKT. It was formed in 2018 by a group of oil majors, traders, and trade finance providers. Its founding partners had seen a problem that they believed required their 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. Today, VAKT is essentially a set of platforms that its customers are connected to via APIs to exchange, compare and agree on data relating to\u00a0physical oil trades and confirmations, vessel logistics and inspection operations.\u00a0It recently announced a new CEO, Tasja Botha, and so I was keen to learn where the company was and how it was doing. I spoke with Edward Cheetham last week to catch up and he described VAKT as providing its customers with \u201cthe means for their ETRMs to exchange data with the outside world.\u201d Right now, it provides services in several areas for barge oil trades. These include confirmation handling for waterborne oil trades via vSure, logistics… … continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[],"acf":[],"yoast_head":"\nVAKT Sees Progress on its Initial Vision | Commodity Technology Advisory<\/title>\n<meta name=\"description\" content=\"It had been sometime since we had had a briefing from VAKT. It was formed in 2018 by a group of oil majors, traders, and trade finance providers. 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