Blockchain Settlement Sweeps North Sea

February 25, 2019

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Blockchain Settlement Sweeps North Sea — Oil platform in the North Sea
Image by *Erik Christensen*

Fraud prevention, efficiency, and dedollarization of global commodities took a big step forward this week as the oil trading consortium Vakt signed up most North Sea producers, declared the Financial Times.

Oil majors Chevron (CVX.N) and Total TOTP.PA, along with major Indian refiner Reliance Industries (RELI.NS), have joined the blockchain-based platform Vakt, London-based Vakt, wrote Reuters in January. The firm was created in 2017 by a consortium that includes oil majors BP and Royal Dutch Shell, Norway’s Equinor, global energy trading firms Mercuria Energy Group and Koch Supply and Trading, as well as Gunvor Group.

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There is a strong incentive remove the American currency from trading in commodities such as crude oil which have long been settled with the GreenBack. The hegemony the United States enjoys over the global financial system has been readily apparent as the Trump regime uses sanctions to punish behavior of rogue regimes.

Author

L Todd Wood

L Todd Wood, a graduate of the U.S. Air Force Academy, flew special operations helicopters supporting SEAL Team 6, Delta Force and others. After leaving the military, he pursued his other passion, finance, spending 18 years on Wall Street trading emerging market debt, and later, writing. The first of his many thrillers is "Currency." Todd has been a national security columnist for The Washington Times and contributed to One American News, Fox Business, Newsmax TV, Moscow Times, Novaya Vremya (Ukraine), the New York Post, National Review, the Jerusalem Post, Zero Hedge and others. He is also founder/publisher of CDM. For more information about L. Todd Wood, visit LToddWood.com.