Listed blockchain builder BTL has completed a European energy trading pilot with BP, Eni Trading & Shipping and Wien Energie.
The 12-week pilot involved building out an energy-trading confirmation solution on BTL's Interbit platform, which was successful in all eight test scenarios, it said a statement. The pilot proved that Interbit can streamline many trading and back office processes across the energy trade life cycle, it said.
Along with its clients, BTL is now extending invitations to additional energy companies who will be invited to the six month go-to production phase and work to launch a live, commercial version of the energy trading solution. BTL, which is listed on the Toronto Stock Exchange, said it is now actively working with select participants to explore applications of Interbit across additional business units.
Guy Halford-Thompson, BTL's Co-Founder and CEO, said: "At BTL we truly believe that, by using blockchain technology and our proprietary platform, Interbit, there is a better and more efficient way for enterprises to build applications."
"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," added Hugh Halford-Thompson, BTL's Co-Founder and CIO.
Andrew Woosey, Partner at EY, which provided consulting support to the pilot, said: "The pilot project showed how BTL's blockchain platform, Interbit, can be used to innovate in the field of energy trading.
"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."
BTL's Interbit platform automates many back office processes such as confirmations, actualisations, invoice generation, settlement, audit, reporting and regulatory compliance allowing enterprises to significantly reduce risk, costs and the threat of cyber-attack, as well as increasing their trading opportunities.