Energy to telecom conglomerate Reliance Industries Limited has now bought an equity stake of the 5.56% in the UK based blockchain startup Vakt Holdings Pvt Ltd for the $5 Million.
In a stock exchange filing, the Mukesh Ambani led company said that the investment was aimed at accelerating its digital journey with the active participation in an evolving and emerging blockchain enabled technology solution for the energy markets.
Reliance Industries delivers the bulk of its revenue from its energy-based business.
Vakt Holdings is a consortium of the leading global energy majors, commodity banks and traders whose vision is to digitize the global commodities trading industry with the help of latest blockchain technology.
The blockchain platform which is being built and developed in sync with the companies such as the Shell, BP, Statoil, trading house Koch Supply & Trading and Mercuria and bank like the ING, Societe Generale and ABN Amro will going to be used for the gas and oil trading according to the report which has been revealed.
The platform which is also expected to be up and running from the next year itself has aimed to reduce the operational and administrative risks and costs of the energy trading.
The report also claimed that the VHL intent is to move away from some of the traditional and cumbersome paper contracts and operations documents to make it much more secure, authenticated transfers and smart contracts of the electronic documents.