European Energy Companies Pilot A Blockchain Energy Trading

European Energy Companies Pilot A Blockchain Energy Trading

Three big energy companies, oil enterprises BP and Eni along and Wien Energie, Australia`s largest company, have successfully completed an energy trad

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Three big energy companies, oil enterprises BP and Eni along and Wien Energie, Australia`s largest company, have successfully completed an energy trading pilot over a blockchain developed by Canadian company BTL.

The project consisted of testing an energy testing confirmation solution over BTL`s Interbit blockchain platform. As BTL described it, the pilot was “intense” and took 12 weeks.

Interbit is a remittance platform that was launched in January. At the time, the online media reported that BTL is also introducing a live demo showing the ability to significantly lower the cost of remitting funds from Canada to Mexico and the Philippines.

Apart from being a multi-chain ledger designed to transfer funds and assets for remittance and data sharing, Interbit also claims to automate processes like confirmations, invoice generations, settlement, audit, reporting, actualization and regulatory compliance.

“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.”, as Guy Halford-Thompson, BTL’s Co-Founder and CEO stated in an interview with cryptocoinnews.com.

The pilot reportedly succeeded in all test scenarios in processes involved in an energy trade lifecycle. Next. BTL is hoping to bring more energy companies as members who want to perform energy trading over the blockchain. The pre-production phase is to last six months, in which the service will run along with energy companies` existing trade systems.

A recent survey quoted by cryptocoinnews.com showed that the energy sector in Germany is interested in the adaptation of blockchain technology.

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