Oil giants Total and Chevron join Vakt blockchain platform

Chevron, one of the leading US energy corporations, has joined the Vakt blockchain platform for trading oil and oil products. This was January 16 reported Reuters.

In addition to Chevron, Total, the largest oil and gas company in France, and Reliance Industries, the Indian oil conglomerate, became participants in the platform.

Vakt, built on the basis of blockchain technology of JPMorgan Quorum, aims to occupy a niche of a single digital platform for the oil industry throughout the world. Cooperation with Vakt is expected to increase the speed and security of the logistics processes of the participating companies.

Recall that the blockchain platform Vakt appeared last fall as a result of the cooperation of the world's leading oil producers with major banks and trade organizations. In November, the first participants of the platform were announced - oil giants BP, Shell, Equinor, as well as international trading companies Gunvor and Mercuria.

Nevertheless, despite Vakt's ambitions to become a single industry standard, the project already has competitors. So, in December, it became known about the successful pilot testing of a similar blockchain platform developed by the national oil company Abu Dhabi (ADNOC) in cooperation with IBM