Energy Companies Complete Test of BTL Group’s Interbit Blockchain

BTL GROUP LTD. (TSX Venture: BTL) today announced that it is taking steps towards a go-to production phase on its Interbit platform, following the completion of its European energy trading pilot with BP, Eni Trading & Shipping and Wien Energie.

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“At BTL we truly believe that, by using Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term technology and our proprietary platform, Interbit, there is a better and more efficient way for enterprises to build applications,” said Guy Halford-Thompson, BTL’s co-founder and CEO. “Having demonstrated the reductions in risk and cost savings that are achievable we now have an opportunity to deliver the first successful blockchain based application to the energy market. We are also very excited that the pilot has enabled participating companies to better understand the benefits of Interbit and identify other areas in their organizations where they can apply it.”

“We are very passionate about the innovation that our technology can achieve in the energy sector and welcome new participants to join us and other leading global energy companies in the next phase of development, via this open invitation,” he added.

The twelve week pilot involved building an energy trading confirmation solution on BTL’s Interbit platform, which was successful in all 8 test scenarios.

“The pilot project showed how BTL’s blockchain platform, Interbit can be used to innovate in the field of energy trading,” said Andrew Woosey, Partner at EY, which provided consulting support to the pilot. “Use of such technology can help by streamlining back office processes, leading to reduced risk, better protection against cyber threats and ultimately significant cost savings. Further engineering and organisational effort is needed to achieve these outcomes.”