BTL Group Ltd. announced yesterday that it has completed a blockchain project for a major global energy company while releasing an update on another upcoming project in the finance and banking space.
A release detailed that BTL developed internal use cases for blockchain solutions in a client’s oil and energy trading division. Through the collaboration, BTL sought to find areas in the client’s business where the blockchain company could utilize its proprietary platform, Interbit, to increase efficiency and cost savings.
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With the pilot completed, BTL and the energy-related client are assessing further commercialization for the Interbit platform in the energy trading space.
BTL also announced that it is working with large financial companies and banks on a pilot it had announced the previous year. The company hopes to “[prove] the concept of how a blockchain based interbank payment network can reduce costs,” the release said.
“We’ve had a fantastic start to 2017 and are very excited to have built credibility that allows us to continue to make ground-breaking progress in the financial space,” said BTL co-founder and CEO Guy Halford-Thompson.
“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.”
Interbit “is a ground-breaking open protocol platform that can process significant volumes of transactions at exceptional speeds”, the company explained. Its capability in unifying financial infrastructures enables fast, secure settlement and payments globally. The platform also has built-in compliance that allows regulatory oversight.
“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,” Halford-Thompson added. “We are working to increase Q1 2017 revenues as compared to Q4 2016 and take the next step towards commercialization of our Interbit platform.”
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