Reliance Acquires stake in Vakt Holdings,UK for Blockchain solutions in Energy Market

Reliance Industries Limited completes acquisition of 5.56% strategic stake in Vakt Holdings Limited, UK.

Vakt Holdings Limited, UK (VHL) is a consortium of leading global energy majors, commodity traders and banks with a vision to digitize the global commodities trading industry with blockchain enabled platform. The trading majors include Koch Supply & Trading, Gunvor and Mercuria. The participating energy majors are BP, Equinor, Shell while ABN Amro, ING, Societe General banks support Vakt.
Back in July 2018, Reliance disclosed in corporate filings at Bombay Stock Exchange about its intentions to acquire a strategic stake in Vakt Holdings, UK subject to due diligence.

At the start of the year (Jan) 2018, a financial portal, livemint reported about Reliance Jio's interest in launching JioCoin cryptocurrency.

Later in July 2018, Reliance acquired Radisys, aimed at accelerating Reliance Jio’s innovation and technology position in the areas of 5G, Internet of Things (IoT) and open source architecture adoption. The 5G is a new cellular communication technology is touted as a defacto standard in near future. 5G will drive the growth of IoT market where connected devices will scale to millions of devices worldwide.

In November 2018, Reliance executed first of its kind Blockchain Trade Finance Transaction. The transaction was successfully executed using R3 Corda Blockchain technology. To brief, HSBC Bank and the ING Bank Brussels aided in giving the Letter of Credit, the guarantee given by a bank for the payment of the buyer. In a comparison to the usual time of 7 to 10 days taken for the processing of the export documents, the Blockchain technology can aid in completing the transaction within a day.