Argus and Platts invest in blockchain platform VAKT

Argus and its price reporting competitor Platts have acquired minority stakes in the blockchain trading platform developer VAKT.

VAKT's platform is designed for post-transaction management of physical energy commodities, providing a single digital record where all of the details and stages of a trade can be agreed, recorded and seen securely by all partners involved. Formed in 2018 by a group of oil majors, traders and trade finance providers, its aim is to simplify the physical post-trade process.

The investment from Argus and Platts — now known as S&P Global Commodity Insights following its parent company's acquisition of IHS Markit earlier this year — will allow VAKT users to benefit from the combination of blockchain technology and benchmark commodity pricing, VAKT said.

"By interfacing with Argus' systems and data, VAKT customers will benefit from enhanced information and intelligence flows, which could transform the way energy and commodities markets work," said Argus chairman and chief executive Adrian Binks.