Blockchain startup BTL Group has announced the next phase of its European energy trading project, under which oil, gas and energy majors propose to participate in using BTL’s Interbit blockchain platform to deliver gas trading reconciliation through to settlement and delivery of trades.
Developed by BTL, Interbit platform has the capacity to operate and interconnect many thousands of blockchains per server, in a secure, private and scalable manner. In October 2017, BTL announced that it has filed patents on its Interbit platform.
Dubbed “OneOffice,” the enterprise solution marks the second phase of BTL’s European energy project. It follows the phase one pilot which demonstrated the Interbit platform’s delivery of back office cost saving via smart contracts that automate trade reconciliation processes.
According to the official release, participants include Eni Trading & Shipping, Total, Gazprom Marketing & Trading Limited, Mercuria, Vattenfall, Petroineos and Freepoint. In this second phase, BTL will work with the participants to build the OneOffice application to deliver cost savings across the trade life cycle.
“Phase two extends from trade reconciliation to settlement using our Interbit application for the natural gas trade life cycle. We are delighted to be working with some of the largest and most innovative companies in the energy sector, bringing together like-minded firms that see the potential of BTL’s industry agnostic blockchain technology in reducing risks, costs and providing better protection against cyber threats,” said Dominic McCann, BTL’s CEO. “The launch of the OneOffice project is a significant achievement for BTL as we move closer towards introducing the Interbit platform across multiple industries later this calendar quarter.”
