Cointelegraph, citing an article by S&P Global Platts, reported that oil companies BP, Shell, and Equinor and global banks ABN Amro, ING, and Societe Generale are poised to launch an energy commodity trading platform based on blockchain technology.
The blockchain-based platform- Vakt- will replaced tedious paperwork with smart contracts and is expected to make the trading of energy commodities more cost efficient, according to Cointelegraph.
Lyon Hardgrave, product development vice president of Vakt, expects industry players to eliminate up to 40% of costs.
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