Oil market is improved by blockchain?
Reviewing and compile blockchain industry topic, updating market references and research environment.
Today, we are picking up commodity trade and blockchain operation.
Post-trade oil blockchain platform VAKT announced a $5 million investment from Saudi Aramco Energy Ventures (SAEV). Additionally, Aramco Trading Company will join the platform as a user.
VAKT is currently live in North Sea crude oil trades and is already processing more than 90% of the total transactions. Aramco Trading will bring its own North Sea trading volumes, further boosting the platform.

Oil and supply chain increases the efficiencies, and modernized process. As 2018 ended, it’s the time where it can be analyzed the status of both the oil and gas sector as well as the chemicals sector. The oil and gas sector recovered, especially the oil markets from the depths of the post 2014 downturn. Since 2016, oil prices have recovered from $40, reaching $67 in Sep, 2018. The oil and gas global supply-chain includes activities such as domestic and international transportation, ordering and inventory visibility and control, materials handling, import/export facilitation and information technology.
CHO, one of the leading olive oil producers in Tunisia, is working with IBM and their blockchain technology to improve transparency and allow consumers to track the product from harvest to their kitchen shelf.
Blockchain is a transaction tracking system designed to allow business owners, consumers or any other entity using the technology, to effectively track any transaction or product from the date of its creation to its final destination.
Oman’s first-ever blockchain trade finance transaction recently happened between Oman Oil and Orpic Group. Digital technology in country’s financial sector to leap forward.
The 1st blockchain trade transaction took just 24 hours, whereas traditional methods would have taken between 5 and 10 days
Thank you for reading daily Collabogate overview and please contact me if you want to be writer of research blogging.
Looking for Collaborator to start working with global network! Please register below the link for business collaboration together.

