Shell, BP, and big banks launch energy trading platform on the blockchain

The centuries-old, paper-based trading process of the oil and gas industry is getting overhauled, courtesy of the blockchain and an industry consortium including Shell, BP, ABN Amro, ING, and Societe Generale. The world leading energy producers and banks joined forces earlier this month, and today launched a new blockchain-based trading platform for physical oil trades, reports the Financial Times. Based on JP Morgan’s Quorum blockchain, the platform is in fact the first functional blockchain trading platform for the oil and gas industry. The consortium and platform, both formally known as VAKT, includes a range of energy firms and banks included…

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