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Blockchain platform for crude oil traders goes live

London-based Vakt launched its digital trading platform early Thursday morning, for now focused on North Sea oil contracts.

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A blockchain-based platform for crude oil traders is now live, marking the first time that the digital ledger technology is being used for real-time transactions by large companies in the industry.

London-based Vakt launched its digital trading platform early Thursday morning. Blockchain is a digital ledger technology where publicly recorded transactions are made in bitcoin or other cryptocurrencies.

Although the initial launch is limited to trade North Sea crude oil contracts, Vakt plans to open the platform to U.S. crude oil pipelines and refined product barges in Northern Europe in early 2019.

Shell & BP Are Now Selling Crude Oil on the Blockchain

Vakt is first to market of several pilot schemes which have been in development, which Bitcoinist reportedon back in January 2018. It comes courtesy of a consortium of oil majors, global energy traders, and investment banks. These include BP, Shell, Mercuria Energy Group, ABN Amro, ING, and Gunvor Group

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Baker Hughes

Baker Hughes is a energy technology company

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Baker Hughes marks its independence after more than two years of majority ownership by the industrial conglomerate General Electric Co.

A team that brings out the best in each other: Russell Wilkerson, Ladan Slack-Smith, Alessandro Antonelli, Mary Roché, Leann Coppola, CMP, Laure Brooks, and Shelley Adams.

Baker Hughes is an international industrial service company and one of the world’s largest oil field services companies. The company provides the oil and gas industry with products and services for oil drilling, formation evaluation, completion, production and reservoir consulting.

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 Halliburton

Halliburton Lays Off 650 employees across the Rockies region

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Halliburton has laid off 650 employees across the Rockies region. Officials say there is growing concern over uncertainty following an oil and gas bill passed this year that overhauls industry regulations in the state.

 

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