VAKT CEO, Etienne Amic discusses the reason why his blockchain project did not need a pilot and customers using the blockchain platform at the Blockchain Innovation Conference in Amsterdam. With clients like Shell, BP, Total among others saying that they are trading on the platform and confirming trade at high volumes.
Amic’s belief that the platform did not need a pilot was decided to prove to clients and key industry players that beyond a proof of concept is enterprise grade actual oil production being traded on the blockchain already. He also states that the North Sea oil is very critical, being that it is only 1% of the world wide oil production but prices about 50%-60% of oil coming from West Africa.
The oil market is at a $7 trillion estimate but Amic decided to hone in on a smaller market of $250 billion in the North Sea which carries certain complexities that can be distinguished when applied to other regions. In a general overview the blockchain will provide things like cybersecurity, immutability and legal matters in contractual agreement.
The next big step for the platform is to offer an adapted offering for entire ecosystem involved. The future he says is for blockchain’s to talk to each other in terms of interfaces and this will potentialize a lot of use cases and provide an integrated service to consumer.