July 2018: VAKT Joins the Ethereum Enterprise Alliance

Posted on:
July 27, 2018
News

July 2018: VAKT Joins the Ethereum Enterprise Alliance

Friday, July 27, 2018

VAKT are pioneering the development of an industry-wide post-trade processing platform for commodities through blockchain, today announces that it has joined the Enterprise Ethereum Alliance (EEA), the world’s largest open source blockchain initiative.

VAKT is a new company formed by a consortium of nine energy majors, independent traders and banks. It is digitising the global commodities industry by creating a trusted digital platform for post-trading services, accessible to all parties involved and powered by blockchain technologies.

This platform will produce new trade finance opportunities, enhance efficiency and reduce costs through the elimination of duplicate data sets and paper contracts. It will also decrease risk by providing enhanced clarity over product movements and ownership.

The EEA membership base represents 500 leading companies spanning a wide variety of business sectors from every region of the world, including technology, banking, government, healthcare, energy, pharmaceuticals, marketing, and insurance. The EEA’s industry-focused, member-driven working groups are each tasked with creating and delivering specific advancements to the development and use of ethereum-based technologies.

The VAKT platform is underpinned by Quorum.  As a member of the EEA, VAKT will collaborate with industry leaders in pursuit of ethereum-based enterprise technology best practices, open standards, and open-source reference architectures.

Adam Vile, Chief Technology Officer of VAKT commented: “We are delighted to be joining the EEA and be part of the realisation of the Enterprise Ethereum standard. VAKT is breaking new ground in developing,  and plans to be one of the first companies to deliver in to production, an enterprise grade post trade platform with Quorum and hence Ethereum at its core. Close connection to the EEA,  and the ability to contribute to and benefit from the rapid evolution of the platform will be key to our success”.

Home
< 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.

Read more >>

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.

Read more >>

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.

Read more >>