It’s an idyllic vision for the future: houses across the land generate their own power through solar panels, and make a tidy profit by selling neighbors their excess energy. Then reality kicks in. Executing all of these transactions at scale would be nothing short of nightmarish. Enter blockchain.
Saudi Aramaco subsidiary Aramco Trading Company joins firms like BP and Shell in using Vakt’s settlement platform for North Sea crude oil. Vakt plans to expand its platform to other oil markets.
With the announcement on Jan. 16 that three major oil and gas firms including Chevron, Total, and Reliance Industries have joined Vakt, the energy-industry enterprise blockchain company now has five of the 10 largest oil firms by market capitalization on board.