A blockchain-based trading platform that could assist oil majors and trading firms to drastically reduce costs is now operational.

Known as Vakt, the platform which was created last year by a consortium consisting of Anglo-Dutch oil giant Shell and British Petroleum (BP), went live on Wednesday, according to Reuters.

Other members of the consortium include global commodity trading firm Gunvor Group, Norwegian energy firm Equinor and energy trading firms Koch Supply and Trading Mercuria Energy Group. Financial institutions such as Societe Generale, ING and ABN Amro are also part of the consortium.

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