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Oil Giant Saudi Aramco Buys Into Blockchain Trading Platform Vakt

Oil Giant Saudi Aramco Buys Into Blockchain Trading Platform Vakt

Saudi Arabia’s state oil firm, Saudi Aramco, has purchased into the blockchain-based oil buying and selling firm Vakt, Reuters experiences on Jan. 28.

Saudi Aramco’s Energy Ventures department has purchased $5 million in new shares, in accordance with Vakt’s press launch. The funding will probably be used to develop the platform, with a give attention to enlargement into the Asian market.

In addition to funding, the oil conglomerate’s buying and selling subsidiary Aramco Trading is about to make use of the Vakt platform. The platform is presently stay within the North Sea Brent, Forties, Oseberg, Ekofisk and Troll crude oil markets, the place it experiences to have a excessive market share. Aramco Trading will add its buying and selling volumes to the blockchain-based platform.

Potential to streamline and modernize oil buying and selling 

The Vakt platform focuses on post-trade processing for bodily vitality transactions. It offers a clean course of from commerce entry to settlement by eliminating paper-based processes and guide accounting practices. Hans Middelthon, managing director of SAEV Europe stated, “VAKT has demonstrated that their platform has the potential to digitize what is currently a very manual process.”

The use of blockchain ensures a “single source of truth” for each consumers and sellers, which is saved on an immutable and distributed ledger, in accordance with Vakt. 

Vakt launched its buying and selling platform in December 2018 with an preliminary limitation on North Sea markets. The firm was created in 2017 by a consortium of business leaders that included Shell and BP, which had been additionally the primary customers of the platform. 

Since then, the platform onboarded extra business giants reminiscent of Chevron, Total and India’s Reliance Industries. 

Saudi Aramco — the most important oil firm on the earth by way of manufacturing — has beforehand invested in blockchain corporations by way of its enterprise subsidiary. In May 2019, the agency participated in a $6 million funding spherical for American blockchain startup Data Gumbo Corp.

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