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Blockchain Settlement Sweeps North Sea

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.

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.

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