Seven global oil and gas firms have collaborated to form a blockchain consortium. Dubbed as the Oil & Gas Blockchain Consortium the platform will aim to conduct proofs of concept (PoC) in order to explore and apply the benefits of the blockchain while promoting the technologies global adoption.
According to a press release on Feb. 26, the Oil & Gas Blockchain Consortium, resides under the Offshore Operators Committee (OOC) and represents the first initiative of its kind in the oil and gas industry in the United States.
The founding members include American industry giants ExxonMobil and Chevron, ranked amongst the world’s top 10 largest oil and gas companies, as per the 2017’s revenues $237 billion and $134 billion respectively. The boards also include industry stalwarts such as U.S-based ConocoPhillips, Spanish Repsol, Pioneer Natural Resources, Norwegian Equinor, and Hess.
The chairman of the OOC board of directors, Rebecca Hofmann stated that creating the consortium marks as an important step towards establishing a basis for blockchain-oriented standards and exploring the frameworks and capabilities for the oil and gas industry.
Launched in November 2018, Vakt, blockchain-enabled, post-trade platform for oil that aims to improve commodity trading and reduce paperwork, has managed to garner much attention. Earlier in February, Etienne Amic, a former JPMorgan Chase exec got appointed as Vakt’s new CEO. He is expected to bring his experience in commodities trading to the platform.
On Feb. 25, Vakt, a signed up four new clients, joining initial supporters, which include BP, Shell, and Total, as well as industry giants Chevron, Equinor and Reliance Industries.