VAKT are pioneering the development of an industry-wide post-trade processing platform for commodities through blockchain, today announces that it has joined the Enterprise Ethereum Alliance (EEA), the world's largest open source blockchain initiative.

VAKT is a new company formed by a consortium of nine energy majors, independent traders and banks. It is digitising the global commodities industry by creating a trusted digital platform for post-trading services, accessible to all parties involved and powered by blockchain technologies.

This platform will produce new trade finance opportunities, enhance efficiency and reduce costs through the elimination of duplicate data sets and paper contracts. It will also decrease risk by providing enhanced clarity over product movements and ownership.

The EEA membership base represents 500 leading companies spanning a wide variety of business sectors from every region of the world, including technology, banking, government, healthcare, energy, pharmaceuticals, marketing, and insurance. The EEA’s industry-focused, member-driven working groups are each tasked with creating and delivering specific advancements to the development and use of ethereum-based technologies.

The VAKT platform is underpinned by Quorum.  As a member of the EEA, VAKT will collaborate with industry leaders in pursuit of ethereum-based enterprise technology best practices, open standards, and open-source reference architectures.

Adam Vile, Chief Technology Officer of VAKT commented: “We are delighted to be joining the EEA and be part of the realisation of the Enterprise Ethereum standard. VAKT is breaking new ground in developing,  and plans to be one of the first companies to deliver in to production, an enterprise grade post trade platform with Quorum and hence Ethereum at its core. Close connection to the EEA,  and the ability to contribute to and benefit from the rapid evolution of the platform will be key to our success”.