The consortium made up of some of the most influential companies globally has presented the white paper explaining exactly why and how blockchain has brought heavy weights from banking to oil in the likes of Shell, BP, Chevron, Total, Reliance Industries, Equinor, Gunvor, Mercuria and Koch Industries together for such an innovative project.
“Blockchain is becoming a mantra for change”, they say as a list of attributes that the platform withholds is spelled out, from persistence to decentralization, the immutability and consistency of the blockchain are what make the technology so promising.
VAKT brings to light many questions that have been raised about the platform such as private or public blockchain, as well as proof of concept to production but more importantly it satisfies a set of social, political and business needs. The report suggests that at some point the training wheels need to come off and the technology needs to mirror the demands and scalability from large enterprise.
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