Saudi Arabia’s state oil company, Saudi Aramco, has bought into the blockchain-based oil trading company Vakt. Saudi Aramco’s Energy Ventures branch has bought $5 million in new shares. The investment will be used to develop the platform, with a focus on expansion into the Asian market.
In addition to investment, the oil conglomerate’s trading subsidiary Aramco Trading is set to use the Vakt platform. Aramco Trading will add its trading volumes to the blockchain-based platform.
The Blockchain technology is also spreading like wild wire. China has adopted the blockchain technology and are really working to develop it. Also many countries in the world are keying into the blockchain circle and LinkedIn has rated the technology as the most searched area for employment. Many blockchain developers are earning more than you can ever imagine.