Some more exciting news from VAKT. We're looking forward to working closely with @Saudi_Aramco as we move forward, together: https://t.co/pLZSJgG7jD pic.twitter.com/yVSd3yMNTT — Vakt Global (@VaktGlobal) January 28, 2020
The investment will be used to develop the platform with a focus on expansion into the Asian market. In addition to the investment, the oil conglomerate’s trading subsidiary Aramco Trading is set to use the Vakt platform. Aramco Trading will add its trading volumes to the blockchain-based platform.
The platform is currently live in:
The North Sea Brent
Troll crude oil markets
The Vakt platform focuses on post-trade processing for physical energy transactions. It provides a smooth process from trade entry to settlement by eliminating paper-based processes and manual accounting practices.
Hans Middelthon, managing director of SAEV Europe said:
“VAKT has demonstrated that their platform has the potential to digitize what is currently a very manual process.”
The use of blockchain ensures a “single source of truth” for both buyers and sellers, which is stored on an immutable and distributed ledger, according to Vakt.
Saudi Aramco, the largest oil company in the world in terms of production had previously invested in blockchain firms via its venture subsidiary. In May 2019, the firm participated in a $6 million funding round for American blockchain startup Data Gumbo Corp.