How VAKT Could Shape the Future of Commodity Trading with Blockchain and CBDCs ๐๐ข๏ธ
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1. Hey everyone! Recently, there was an article about #TotalEnergies delivering 65.000 Tons of #LNG to China through the Shanghai Petroleum and Natural Gas Exchange and receiving payment in yuan.
Article : tinyurl.com/LNGTTECNOOC
2. With the chinese government experimenting around the digital Yuan, this news made me think about the potential of blockchain in this industry. That's how I discovered that major Oil players use plaforms like #VAKT. So let's explore VAKT together ! ๐งต๐
3. #VAKT is a blockchain-based platform designed to digitize and streamline the global commodities trading supply chain. Their goal is to create a single digital record where all of the details and stages of a trade can be agreed, recorded and seen, securely, by trading partners.
4. Launched in 2018, VAKT focuses on post-trade processing of physical commodity transactions, simplifying trade lifecycle and reducing complexity, all of that in a private and permissioned environment. โ๏ธ๐
5. As countries like China move towards adopting CBDCs aka the digital yuan, platforms like VAKT could play a crucial role in facilitating and enhancing cross-border transactions, thus weakening the reliance on the US dollar for energy trades. ๐น๐จ๐ณ
6. By leveraging blockchain technology, VAKT offers a secure, transparent, and efficient platform for stakeholders in the commodity trading ecosystem, including traders, banks, and energy companies.
7. The platform offered by VAKT should allow main commodity players to eliminate manual processes, reduce paperwork, enhance their risk management and cut operational costs. ๐๐
8. According to Deloitte : "Oil & gas companies that leverage blockchain can improve trade accuracy, increase scheduling and back-office (e.g., invoicing and settlements) efficiency, accelerate access to trade data, and shorten the working capital cycle."
tinyurl.com/deloitteoilandgasblockchain
9. With the potential integration of CBDCs, platforms like VAKT could enable faster, more secure, and cost-effective cross-border transactions.
10. This could be particularly beneficial for countries like China, as they look to expand their use of digital currencies in international trade. ๐๐ฑ
11. VAKT's consortium of partners includes major industry players such as BP, Equinor, Shell, Gunvor, Aramco, TotalEnergies and Mercuria. This wide range of support from key stakeholders highlights the platform's potential to transform the way commodities are traded globally.๐ค๐
12. I hope this thread has given you some insights into the potential of VAKT and the role of blockchain technology in the commodities trading industry.
I'm definitily looking forward to trade some commodities like Oil and electricity on chain in an actually deep market.
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Magnum35puc๐บ
@Magnum35Puc
Finance & blockchain explorer ๐๐ | Documenting my journey into Stocks ๐ & Crypto ๐ช | Sharing insights, news & trends |