Bureau veritas joins vakt to further shape trust in commodities transactions
Mar. 3 2022
Bureau Veritas has joined VAKT, a blockchain-enabled platform designed to shape trust between commodities traders.
Created in 2018 by a group of oil majors, traders, and trade finance providers, VAKT registers and secures all aspects of oil trade transactions, including contractual conditions and transaction details. It also automates nominations of inspection bodies and provides a secure a one-stop shop for inspection documents.
Bureau Veritas offers inspection, testing and consultancy services at loading, discharge and ship-to-ship locations around the world. These services are provided in response to nominations: requests for work sent by clients. By joining VAKT, Bureau Veritas will receive nominations digitally via the platform and upload all test and inspection data once work is complete. The efficient solution meets a growing need from clients looking to digitize transactions and benefit from transparent access to data.
Nathalie Pousin, Senior Vice-President, Head of Commodities Global Service Line at Bureau Veritas, said: “Thanks to our Commodities expertise and knowledge, we help our clients at all levels of the supply chain make informed decisions based on calculated risk and quality. By joining VAKT, and leveraging on their blockchain-enabled platform, we will contribute with other partners to bring enhanced traceability to Trades. This illustrates Bureau Veritas’ mission: Shaping a World of Trust.”
Etienne Amic, CEO, VAKT, added: “It is a pleasure to welcome Bureau Veritas as the latest addition to the VAKT platform. We have been working closely with BV over the past few months and we believe that they are well equipped to help the industry transition to fully digitized ‘actuals’ through the VAKT Inspection API, i.e. flowing back inspection results on cargoes (Quantities & Qualities) to their trading clients seamlessly. We are looking forward to their active involvement in the VAKT ecosystem and to helping them achieve mutually beneficial data exchanges with their partners.”