Bureau Veritas joins the VAKT network

Posted on:
March 1, 2022

Bureau Veritas joins the VAKT network

Tuesday, March 1, 2022

We are pleased to announce that Bureau Veritas, a world leader in laboratory testing, inspection and certification services, has joined the VAKT platform.

With Bureau Veritas confirmed as a member, we are pleased to be able to broaden our inspection management service.

As a web3 company, one of VAKT’s intentions is to deliver to our customers more control of their data, ensuring complete privacy through our privately permissioned network.

Bureau Veritas will offer VAKT participants access to timely, immutable inspection data and better oversight of their positions, and will benefit from a fully digitised, standardised nominations process.

Etienne Amic, CEO, VAKT said:

“It is a pleasure to welcome Bureau Veritas, an innovative leader in commodity inspection services, as the latest addition to the VAKT platform. We have been working closely with BV over the past few months and we believe that they are well equipped to help the industry transition to fully digitised ‘actuals’ through the VAKT Inspection API, i.e.  flowing back inspection results on cargoes (Quantities & Qualities) to their trading clients seamlessly. We are looking forward to their active involvement in the VAKT ecosystem and to helping them achieve mutually beneficial data exchanges with their partners.”

Nathalie Pousin, Senior Vice-President, Head of Commodities Global Service Line at Bureau Veritas, added:

“Thanks to our commodities expertise and knowledge, we help our clients at all levels of the supply chain make informed decisions based on calculated risk and quality. By joining VAKT, and leveraging on their blockchain-enabled

platform, we will contribute with other partners to bring enhanced traceability to Trades. This illustrates Bureau Veritas’ mission: Shaping a World of Trust.”

< Back

World first as physical oil trade confirmations are digitised using VAKT

September 7, 2022

VAKT today announces that the first-ever physical oil trade confirmations are being conducted using the VAKT technology. Gunvor Group and TotalEnergies Trading SA (TOTSA) lead this industry first, with more counterparties to follow.


VAKT welcomes S&P Global Commodity Insights and Argus Media as new investors

June 9, 2022

VAKT Global today announces two new investors: Argus Media Limited and S&P Global Commodity Insights, which includes S&P’s Platts price benchmarks. Both have acquired a minority stake.


The rise and rise of confirmations in commodity trading

April 5, 2022

A commodity transaction is a promise to deliver a specific grade of the commodity at a given location, at an agreed date in the future. Physical trading is therefore an exchange of promises, where typically buys and sells can be offset (and sometimes “booked out”) if the parameters of the trades (grade, location, delivery period) are sufficiently generic.