BTL Group works with energy majors on blockchain pilot
The Canadian technology group said that Austria’s Wien Energie is among the energy providers working on the initiative to cut energy trading costs.
The Canadian technology group said that Austria’s Wien Energie is among the energy providers working on the initiative to cut energy trading costs.
Canadian technology developer BTL Group is working with a group of leading energy companies, including Wien Energie GmbH, Austria’s largest regional energy company, on a blockchain pilot using BTL’s Interbit platform. “As with previous projects… the goal is to demonstrate how BTL’s technology can significantly drive down costs associated with energy trading,” it added. The revenue generating pilot will run alongside the other work BTL continues to undertake in the energy and finance industries.
The group, which has offices in Vancouver and Canary Wharf in London, said that the pilot project is being supported by global consultancy firm EY and is expected to run for three months, from March to May, after which further commercial strategies will be assessed. Guy Halford-Thompson, chief executive officer (CEO) and co-founder of BTL commented: “The experience and expertise we expect to acquire from this pilot will be in addition to the knowledge we have obtained from our past work with leading energy companies. By commencing this project, we are one step closer to live application of Interbit in the energy sector.”
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