Blockchain Platform For Energy Commodities Announced In U.S., Restrictions Ease In Foreign Markets

Major oil companies in the North Sea and other industry participants recently announced the formation of a blockchain-based energy commodity trading platform called VAKT. They expect the platform to be operational by the end of this year and ultimately to bring about a 40 percent cost savings for trading and settlement, utilizing smart contracts.

A major U.S. financial services company issued an updated report on its review of bitcoin and cryptocurrencies, which was more optimistic than its past report. The firm is reportedly planning to offer bitcoin swap trading and has described cryptocurrencies as a "new institutional investment class." Another bank announced it had beta-tested a digital safety deposit box, which seeks to provide cryptocurrency storage and multi-signature services for cryptocurrency exchanges and investment funds. A third bank recently was awarded a U.S. patent for a cryptocurrency storage facility targeted at enabling enterprise-level