In a bid to alleviate the challenges of the $2 trillion energy market, the start-up company BTL Group has successfully completed piloting blockchain for oil and gas companies such as BP, Total and Gazprom.
The World Energy Council predicts that decentralised or distributed energy will grow from 5 percent of the market today to 25 percent in 2025.
In June 2017, oil giant BP, the world’s eighth-largest energy company by revenue ($222.8 billion), officially began collaborating with the Anglo-Canadian company. At that time, David Eyton, head of technology for BP said:
“There are uses for blockchain that could give us a competitive advantage”
In the same year, a number of other major energy companies entered a six-month simulation phase with BTL’s Interbit platform, trading billions of dollars worth of gas and oil to develop the ledger technology.
BTL’s Interbit is a non-tokenised, non-cryptocurrency open protocol platform, capable of settling millions of data points globally in short periods of time. It’s built in compliance, enabling regulatory oversight, has been a big draw.
In January 2018, BTL announced that European energy trading businesses Eni, Total, Gazprom Marketing & Trading, Mercuria, Vattenfall, Petroineos, and Freepoint were all trialling its technology for back-office settlement of trades.
BTL said that the collaboration for the completed pilot, ran several internal use cases within the client’s oil and energy trading division, identifying multiple areas where Interbit can significantly benefit the client’s business.
This development is set to further prove BTL’s technologies for it’s other use cases, namely the finance sector, where it is currently working with large financial companies and banks to create an interbank payment network.
Guy Halford-Thompson, Co-Founder of BTL said:
“We are confident that if our Interbit platform were to be commercially deployed, it would improve energy trading efficiency in the energy trading space.”
BTL was the world’s first blockchain company to be publicly traded, when in 2015 it was listed on the Toronto Stock Exchange Venture board. Operating from offices in Vancouver and Canary Wharf in London, BTL offers Blockchain solutions to businesses across multiple industries including gaming sectors.