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

Using blockchain to support the energy transition

December 7, 2021

As the world’s race to net zero by the middle of this century gets underway, ensuring the transition away from hydrocarbons towards low-carbon sources is as sustainable as possible has become of vital importance.

Read more >>

How post-trade digitalisation is modernising commodity trading

November 9, 2021

Long one of trade’s digital laggards, the commodity sector is quickly picking up the pace amid a perfect storm of high costs, new challenges and a tough economic backdrop. End-to-end digitalisation provides opportunities to regain lost trust with financiers, and monitor and improve ESG performance. With the industry under pressure to reduce costs and increase efficiencies, the digitalis

Read more >>

VAKT announces Independent Chairman of the Board

November 2, 2021

Martin Fraenkel, former President & CEO of S&P Global Platts, appointed as Independent Chairman of the Board of VAKT.

Read more >>