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More Oil Giants to Join Blockchain-Based Platform Vakt for Energy Commodity Trading

Chevron, one of largest American multinational energy corporations, and two other major energy companies have joined Vakt, a United Kingdom-based blockchain platform for energy commodity trading. Reuters reported on the development on Jan. 16.

Along with Chevron, Total, a leading French multinational integrated oil and gas company, and major Indian refiner Reliance Industries have become members of the Vakt platform.

The article stresses that the agreement is a step towards quicker and safer logistical operations. The Vakt platform, backed by JPMorgan’s Quorum blockchain technology, aims to become a digital transaction platform that would transform the oil business worldwide.

Back last fall, the world’s leading oil companies such as BP, Shell and Equinor had agreed to unite with large banks and trading houses to establish the blockchain-driven platform Vakt for energy commodity trading, as Cointelegraph reported on Nov. 12.

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