Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Shell, BP Back Blockchain Platform to Modernize Commodities Trading

Published 13/11/2018, 12:31
Updated 13/11/2018, 12:45
© Reuters.

Oil industry giants Shell (LON:RDSa) and BP (LON:BP) are among a group of firms planning to launch a blockchain platform to automate post-trade processes in the energy industry by the end of 2018.

VAKT Global, the consortium building the platform, revealed the news at a digital commodities summit hosted by S&P Global (NYSE:SPGI) Platts on Monday.

The effort effectively intends to help oil companies replace paper-based documentation with smart contracts – a move expected to cut costs, reduce the risk of errors and make post-trade processes more efficient. The platform will comprise a "secure, real-time blockchain-based platform to manage physical energy transactions," according to the group.

Continue Reading on CoinDesk

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.