Following the successful completion of its European energy trading pilot with BP, Eni Trading & Shipping and Wien Energie, BTL Group is moving ahead with a go-to production phase on its Interbit blockchain platform.
A fast, encrypted and scalable multi-chain technology platform, Interbit is scheduled for Beta release in the third quarter.
The intense, 12-week pilot involved building out an energy trading confirmation solution on BTL's Interbit platform, which was successful in all eight test scenarios.
The pilot proved that Interbit can streamline many trading and back office processes across the energy trade lifecycle, the company, which maintains offices in Vancouver and Canary Wharf in London, said in a press release Monday.
Along with its clients, BTL is now inviting additional energy companies to participate in the six month go-to production phase, where BTL and participating companies would work to launch a live, commercial version of the energy trading solution.
By running BTL's Interbit platform in parallel with each company's existing systems, this phase seeks to take the completed pilot forward to integrate Interbit and its energy trading solution into live environments.
The pilot has also enabled those participating companies to assess other areas of their business in which they can use BTL's Interbit platform, and BTL is now working with select participants to explore applications of Interbit across additional business units, the company said.
"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," said Guy Halford-Thompson, BTL's co-founder and chief executive officer. “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."
"The pilot project showed how BTL's blockchain platform, Interbit, can be used to innovate in the field of energy trading," added 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 organizational effort is needed to achieve these outcomes."