BTL GROUP LTD. (TSX Venture: BTL) reports it has completed a revenue generating pilot project with a major, global energy company. BTL developed internal use cases for blockchain solutions in the client’s oil and energy trading division.
The developers say that this collaboration aim was to identify areas internal to their business in which BTL’s blockchain platform, Interbit, can enable significant efficiency and related cost savings. BTL and its unnamed client are now jointly assessing further commercialization strategies for the platform in the energy trading space.
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The company also provided an update on its previously announced pilot in the finance and banking space. BTL is working with large financial companies and banks to progress the initial pilot announced last year, which already generates revenues for the firm.
Guy Halford-Thompson, Chief Executive Officer and co-founder of BTL, said: “We’ve had a fantastic start to 2017 and are very excited to have built credibility that allows us to continue to make groundbreaking progress in the financial space. On top of this, we are equally as excited to complete another globally significant blockchain pilot, this time with a leading energy company. Our work in the energy sector is further proof that blockchain and Distributed Ledger Technology has potential to significantly transform this space. We are confident that if our Interbit platform were to be commercially deployed, it would improve energy trading efficiency in the energy trading space.
By continuing our work in the finance space and adapting our technology to the energy sector, as well as having established our blockchain solutions in the gaming sector, we are demonstrating the versatility and robustness of our Interbit settlement and trading platform. We are working to increase Q1 2017 revenues as compared to Q4 2016 and take the next step towards commercialization of our Interbit platform.”