# Oil majors Chevron and Total join blockchain platform for energy commodity trading ‘Vakt’

By Shampa Mani

Canonical URL: https://www.tokenpost.com/news/technology/1096
Published: 2019-01-16T13:01:27.000Z
Updated: 2019-01-16T13:01:27.000Z
Section: Technology

> Oil giants Chevron and Total have joined London-based blockchain platform Vakt, Reuters reported.

Oil giants [Chevron](<https://www.chevron.com/>) and [Total](<https://www.total.com/en>) have joined London-based blockchain platform Vakt, [Reuters](<https://www.reuters.com/article/us-blockchain-oil/chevron-total-and-reliance-join-oil-blockchain-platform-vakt-idUSKCN1PA0PP?utm_campaign=trueAnthem:+Trending+Content&utm_content=5c3ef74b04d301108455989e&utm_medium=trueAnthem&utm_source=twitter>) reported.

Vakt is a blockchain-based post-trade processing platform backed by energy majors BP, Shell and Statoil; trading houses Gunvor, Koch Supply & Trading, and Mercuria; and banks ABN Amro, ING and Societe Generale. It was created and launched as an independent company in December 2017.

Last month, Indian energy and telecom giant Reliance Industries [announced](<https://tokenpost.com/Reliance-Industries-jumps-on-the-blockchain-bandwagon-with-investment-in-Shell-and-BP-backed-Vakt-971>) that it has acquired 5.56% equity stake (on fully diluted basis) in Vakt for $5 million.

A member of the Ethereum Enterprise Alliance, Vakt aims to digitise the global commodities trading industry by creating a secure, trusted ecosystem, powered by blockchain technology. The platform [went live](<https://tokenpost.com/Shell-and-BP-backed-Vakt-goes-live-with-first-enterprise-grade-blockchain-solution-in-energy-sector-823>) in November 2018 and is already being used by its member trading firms.

“Total has been supporting industry initiatives to digitize cargo post-trade processes for some time,” Total’s head of trading and shipping Thomas Waymel said.

“We view them as a major step forward towards safer, faster and cheaper logistical operations. We are committed to contribute to the roll out to various markets of the VAKT blockchain platform.”

## Links in this article

- [Chevron](https://www.chevron.com/)
- [Total](https://www.total.com/en)
- [Reuters](https://www.reuters.com/article/us-blockchain-oil/chevron-total-and-reliance-join-oil-blockchain-platform-vakt-idUSKCN1PA0PP?utm_campaign=trueAnthem:+Trending+Content&utm_content=5c3ef74b04d301108455989e&utm_medium=trueAnthem&utm_source=twitter)
- [announced](https://tokenpost.com/Reliance-Industries-jumps-on-the-blockchain-bandwagon-with-investment-in-Shell-and-BP-backed-Vakt-971)
- [went live](https://tokenpost.com/Shell-and-BP-backed-Vakt-goes-live-with-first-enterprise-grade-blockchain-solution-in-energy-sector-823)