BP is expanding a trial of blockchain technology for gas trading with startup BTL Group.
A successful pilot of BTL’s blockchain-based Interbit platform with the energy giant, Eni's trading and shipping arm and Wien Energie has lead to a further roll out in which it will look for more energy companies to join.
The six-month “go-to production phase” will see real-life trades mirrored on the Interbit platform with a view to launching a fully commercial blockchain based energy trading platform to the multi-billion pound gas market.
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“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 co-founder and chief executive of BTL, which is based at Canary Wharf’s fintech space Level39.
“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 and fresh plans are as a result of EY’s startup challenge, in which BTL was one of the six startups chosen to work on developing blockchain solutions for the energy sector and digital rights management.
“The pilot project showed how BTL’s blockchain platform, Interbit can be used to innovate in the field of energy trading,” said EY partner Andrew Woosey.
“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 has been working on a separate trial to build a so-called proof of concept with Visa to automate international transfers.