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Blockchain Platform VAKT Names Ex-JPMorgan Exec. New CEO

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Blockchain platform VAKT announced the appointment of former JPMorgan executive Etienne Amic as its new Chief Executive Officer. VAKT created a blockchain-powered post-trade processing and management platform for commodities.

Amic, with his experience at JPMorgan Chase and Mercuria Energy Trading S.A. in commodities trading, is in a role that will help to achieve VAKT's aim of changing the face of physical commodities trading by eliminating reconciliation and paper-based processes.

Most recently, Amic served as co-founder and chairman of cargo and analytics firm Vortexa, and as founding partner at CommodiTech Ventures, a firm funding commodities technology and innovative business models.

The platform was created by VAKT in partnership with global software consultancy ThoughtWorks and supported by JPMorgan's Quorum private distributed ledger. It was launched in late November for physically traded BFOET crude oil contract. It will extend later to all physically traded energy commodities.

The platform eliminates the age-old problems in reconciliation and paper-based processes by managing physical energy transactions from trade entry to final settlement on blockchain to transform the full trade lifecycle. Trade finance will also be fully digitalized with an integrated banking marketplace.

The use of blockchain is expected to provide 30 to 40 percent efficiency and trade finance savings through improved speed and security.

London-based VAKT is an independent company created and backed by nine leading energy companies, commodity traders and banks - BP, Equinor, Shell, Gunvor, Mercuria, Koch Supply & Trading, ABN Amro, ING and Societe Generale. Energy majors Chevron, Total S.A. and Reliance Industries joined it later as strategic investors.

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