The oil company Saudi Aramco acquired shares of the Vakt blockchain platform worth $5 million. Investments will beused to develop the platform and further expand in the Asian market.
According to a press release, to increase volumesThe Vakt blockchain platform will also be used by Aramco Trading, a Saudi Aramco subsidiary. Vakt was founded in 2017 by a consortium of oil industry leaders that included Shell and BP. Today, Vakt has partnered with the North Sea oil markets of Brent, Forties, Oseberg, Ekofisk and Troll.
According to the managing director of the EuropeanA division of Saudi Aramco by Hans Middelthon, the Vakt blockchain solution simplifies document management, settlement and clearing operations that previously had to be carried out manually. In addition, the blockchain improves the efficiency of interaction with sellers and buyers of oil, since all information is stored in a distributed registry.
In November, Thai authorities announced plans tousing a blockchain-based system to reimburse overpaid excise taxes to oil exporters after the fuel has been shipped. In addition, last month the oil and gas consortium Oil & The Gas Blockchain Consortium was the first in the industry to use blockchain to conduct voting on capital investments and expenditures.
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