The blockchain-based platform will enhance transparency and remove manual exchange of information between buyers and sellers. Credit: Mark Mitchell.

Three major oil companies Chevron, Total and Reliance Industries have invested in blockchain-based oil platform Vakt.

Vakt manages physical energy transactions, from trade entry to final settlement.

The companies will also implement Vakt’s blockchain-enabled platform, which was launched in November.

The platform simplifies commodity post-trade processing using blockchain technology, eliminating reconciliation and paper-based processes through digitisation.

Total Trading & Shipping president Thomas Waymel said: “Total has been supporting industry initiatives to digitise cargo post-trade processes for some time. We view them as a major step forward towards safer, faster and cheaper logistical operations.

“Total has been supporting industry initiatives to digitise cargo post-trade processes for some time.”

“We are committed to contribute to the roll out to various markets of the VAKT blockchain platform, which is linked to a full digital ecosystem. We aim for simplification of the daily work of our logisticians in Europe, the Americas and Asia.”

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Deployment of Vakt will offer buyers and sellers a single source of truth with a distributed audit trail.

The platform is expected to deliver efficiency gains and cost savings for post-trade processing, including trade finance.

Vakt was established in 2017 with investment from BP, Equinor and Shell. Other investors in the platform include traders Gunvor, Koch Supply & Trading and Mercuria, as well as banks ABN Amro, ING and Société Générale.

Reliance Industries executive director PMS Prasad said: “VAKT’s platform will help lead the transition away from traditional systems involving manual exchange of information between participants to an integrated platform, thereby enhancing transparency, data security and capturing efficiencies.”