Blockchain solution provider BTL has announced the successful completion of its European energy trading pilot with BP, Eni Trading & Shipping and Wien Energie.

During the 12-week pilot, an energy trading confirmation solution on BTL’s Interbit platform was developed, which was successful in all 8 test scenarios. The pilot proved that Interbit can streamline many trading and back office processes across the energy trade lifecycle.

Following the successful pilot, BTL is now progressing towards a go-to production phase on its Interbit platform. Along with its clients, the company is now extending invitations to additional energy companies who will be invited to the 6-month go-to production phase, where they would work to launch a live, commercial version of the energy trading solution.

“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,” said Guy Halford-Thompson, BTL’s Co-Founder and CEO. “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 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.”

BTL’s Interbit platform automates many back office processes such as confirmations, actualisations, invoice generation, settlement, audit, reporting and regulatory compliance allowing enterprises to significantly reduce risk, costs and the threat of cyber-attack, as well as increasing their trading opportunities. By running the platform in parallel with each company’s existing systems, this phase would seek to take the completed pilot forward, with the aim to integrate Interbit and its energy trading solution into live environments.

“The pilot project showed how BTL’s blockchain platform, Interbit can be used to innovate in the field of energy trading,” said Andrew Woosey, Partner at EY, which provided consulting support to the pilot. “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.”

The pilot has also enabled participating companies to assess other areas where they can use BTL’s Interbit platform. BTL said that it is actively working with select participants to explore applications of Interbit across additional business units.

“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,” added Hugh Halford-Thompson, BTL’s Co-Founder and CIO.