Energy Firms Complete Successful BTL Group Blockchain Trial

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BP and Wein Energy are amongst a group of energy firms to today announce the successful conclusion of an important blockchain trial.

The pilot program was designed to facilitate energy trading, and is one of the leading blockchain pilots in the industry.The 12-week trial was run by Canadian startup BTL on their Interbit protocol, with support from Big Four professional services firm EY.

As one of the major participants in the trial, Wein Energie has celebrated the completion of this first stage, which it feels could provide a working model for a larger scale roll-out of the underlying blockchain technology.

Similarly, the trial has been watched by others in the industry, with several energy companies in the process of exploring blockchain technology.

CEO of BTL, and the firm’s co-founder, Guy Halford-Thompson, said the trial’s success can now inspire the next phase of development, towards the first successful deployment of this kind of solution in the energy sector.

“At BTL we truly believe that, by using blockchain technology and our proprietary platform, Interbit, there is a better and more efficient way for enterprises to build applications. 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.”

“We are very passionate about the innovation that our technology can achieve in the energy sector and welcome new participants to join us and other leading global energy companies in the next phase of development, via this open invitation.”

It comes fresh from a separate announcement that a group of energy companies were pulling together to form a new consortium, specifically tasked with examining potential use cases for the technology within the energy sector.
The energy industry is one of many thought to be an eventual beneficiary of blockchain technology, with some significant use cases already in the works – including blockchains that tackle green energy issues, and a number of administrative functions.

The success of the BTL trial, which also included companies such as BP, will be welcomed by industry partners and stakeholders, many of whom have their own proposals for leveraging the blockchain in future.