Vakt, a blockchain-powered post-trade processing software for commodities, has inked a memorandum of understanding (MoU) with essDOCS, a company that builds paperless trading systems, to make shipping formalities from European ports as blockchain compliant.
Vakt and essDOCS will run on a blockchain platform that will permit electronification of post trade procedures in Europe’s transportation through barges. While both firms intend to unveil the product in northwest Europe initially, they hope to widen further to global markets.
Vakt and essDOCS has issued the following joint statement:
“Trading parties would agree on information to send on to the terminal, which would add its own information before sending on to barge captains to agree and sign for the product and quantities loaded or discharged from the vessel. This lengthy process results in several paper documents including the barge receipt, which when physically signed allowed the barge to sail and the seller to invoice the buyer.”
In February 2019, Vakt enrolled four major customers, which ensured that its platform will be used in almost 75% of all oil deals in the North Sea zone. Etienne Amic, Vakt’s CEO, stated that a considerable level of implementation in the energy zector could encourage others to study blockchain solutions.
Likewise, few months before, Russian authorities entered into an agreement with Maersk, Denmark based logistics behemoth, to unveil blockchain shipping platform TradeLens with the intention of implementing blockchain based electronic documentation to substitute prevailing transportation processes, which are mostly based on paper.
Panalpina, Swiss forwarding and logistics services firm, also began blockchain trial ventures intended at improving supply chain operations. One of the ventures will explore blockchain apps in high-tech industrial items and the other will handle office supplies.
