BTL Group Files Patents on its 'Third Generation Blockchain' Platform

BTL GROUP LTD. (TSX Venture: BTL) has announced that it has filed patents on its enterprise 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 platform Interbit. The company calls its solution a 'third generation blockchain' platform because it is based on proprietary technology meant to scale to meet enterprise demands in a way that current systems fail to do.

"Interbit now has the capacity to operate and inter-connect many thousands of Interbit blockchains per server in a secure, private, and scalable manner. We realized very quickly that single blockchain solutions such as current generation two offerings would not allow blockchain technology to fully realize its transformative capabilities in the years ahead - we needed Interbit to scale far beyond what already exists in the blockchain space. Our new capabilities clearly define what generation three blockchains are capable of," said Tom Thompson, CTO of BTL. "During our successful pilots we have proven Interbit’s privacy and Scalability Scalability Scalability is a term that describes the constraints of a network via hash rates to meet increased demand. In the context of Bitcoin, scalability reflects the issue in which a limited rate can process transactions adequately.Blocks within the Bitcoin blockchain are limited in both size and frequency. The overall transaction processing capacity of the network is dictated by the average block creation time of 10 minutes as well as a block size limit of 1 megabyte. Consequently, this leads to pain Scalability is a term that describes the constraints of a network via hash rates to meet increased demand. In the context of Bitcoin, scalability reflects the issue in which a limited rate can process transactions adequately.Blocks within the Bitcoin blockchain are limited in both size and frequency. The overall transaction processing capacity of the network is dictated by the average block creation time of 10 minutes as well as a block size limit of 1 megabyte. Consequently, this leads to pain Read this Term capabilities, securing it as a recognized enterprise grade blockchain platform. Interbit has also been designed for ease of use by customers, allowing it to be integrated into existing IT infrastructure in a quick and simple manner, not seen before in our industry."

Interbit Hypervisor is Interbit’s underlying architecture designed to enable 'chain-connecting' which allows for multiple, inter-connected blockchains to operate at scale, while maintaining privacy where required.

"Filing patent applications for the Interbit platform allows us to position BTL as a leader in the blockchain technology space as it clearly defines our offering as a highly scalable enterprise blockchain development platform with interoperability embedded. We are very close to delivering Interbit into a live environment as a product that will leapfrog all existing blockchain technologies. This will position the Company to meet and exceed the increasingly complex demands for blockchain solutions across all industries," said Dominic McCann, CEO of BTL. "Blockchain technology must meet the security and scalability expectations of the enterprise and be easy to work with before enterprise adoption will scale. Interbit, delivers on both."