Oil majors and trading firms can start finalizing crude oil deals on a live blockchain-based platform for the first time, in a move that could revolutionize the market. Commodities trading firms have piloted similar schemes in recent years as blockchain technology has the potential to drastically cut costs in an environment of razor-thin profit margins. London-based platform Vakt is the first of these to go live, with shareholder Gunvor Group saying it was rolled out on Wednesday, although no trades took place that day. Blockchain, the platform behind cryptocurrency Bitcoin, is viewed by many as a solution to trade and settlement inefficiencies, as well as a way to improve transparency and reduce the risk of fraud. Vakt was created in 2017 by a consortium that includes oil majors […]