As per the latest news published in Reuters, one of the most exceptional American international energy businesses Chevron, along with two other major energy businesses have collaborated Vakt, a UK based blockchain platform for energy product trading.

Chevron and many other top-notch French international united oil and gas companies, and significant Indian refiner Reliance Industries have now been a part of the Vakt platform. This new agreement has developed to be a substantial step towards quick and secured logistical processes. The new company Vakt sponsored by JPMorgan’s Quorum blockchain expertise has its own goal in becoming one of the largest digital transaction platforms that can convert the oil business internationally. The VAKT platform is predictable to offer considerable cost-savings to investors in the oil trade supply chain procedure by eradicating paper-based methods.

Total’s head of trading and shipping, Thomas Waymel emphasized in a statement:

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

Speaking on any place and regarding the future of this business creativities are controlled, President of Trading & Shipping for TOTAL, Thomas Waymel further mentioned that his company holds them in high reverence, re-counting them as a “main step frontward towards flexible, faster and inexpensive logistical operations.

P.M.S. Prasad, Executive Director at Reliance Industries, stated that the firm is happy to be employed with the ground-breaking VAKT blockchain-platform, which he opinions as a transformative thing for energy trade implementation.

“We’re delighted to welcome Chevron, Total and Reliance as VAKT investors. These are global companies with a history of innovation which will help VAKT expand the platform across physically traded energy commodity markets worldwide,” said Adam Vile CTO and Director, VAKT.

The time of large-scale power plants is (slowly) coming to an end. In its place is a new network of super-smart and super-clean energy systems. The study ‘Blockchain has become a prospect for energy producers and consumers as it examines the potential impact of blockchain technology on the energy sector and discovers what opportunities it may hold for energy consumers. It does let for renewable energies to be traded more professionally.