Chevron joining Shell and other major oil companies on JPMorgan backed blockchain-powered commodity platform Vakt...

This is really becoming a powerhouse of well known multi-billion dollar companies turning to blockchain as a way to improve things that they've been doing for decades.

In addition to consistently adding participants, last year VAKT joined the Enterprise Ethereum Alliance, the world's largest open source blockchain organization.

Announced today - Chevron will be joining Shell as the second US Based supplier, along with Total, and Reliance Industries.

Already on board was BP, Norway’s Equinor,Mercuria Energy Group and Koch and more.

VAKT has found it easy to appeal to businesses, as their platform both boosts the companies ability to track their assets, conduct transactions faster, all while removing what used to take mountains of paper to log. They described their goal at launch as:

"In a unique collaboration, several of the world's largest trading houses, integrated energy companies and banks intend to create and invest in a new venture, which will be managed and operated as an independent entity. The new venture will develop a blockchain-based digital platform intended to modernise and transform post-transaction management of physical energy commodities trading, pending relevant regulatory approvals."

Oil commodities are just the beginning - blockchain powered platforms to increase efficiancy for other sectors such as government, healthcare, energy, pharmaceuticals, are on the way too.

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Author: Mark Pippen
London News Desk