Blockchain firm BTL Group has announced the completion of EY’s 2016 Startup Challenge that focused on building distributed ledger solutions for digital rights management and energy trading.

The EY’s 2016 Startup Challenge took place for a period of six-weeks and explored ways in which BTL’s Interbit platform could transform the way energy trades are created and settled, drive down costs, and reduce risk in the market. BTL has developed an advanced ETRM (Energy Trading Risk Management) application by working closely with EY and in collaboration with leading energy companies, the release stated.

“We have built a strong relationship with BTL during the course of the Startup Challenge. BTL’s prototype ETRM, Auditing and Portfolio Reconciliation application, built on their Interbit platform has the potential to create significant cost savings in the energy space and we are looking forward to continuing to develop our relationship with BTL as they work closely with key energy clients,” Jamie Qiu, Founder and Lead of the EY Startup Challenge said.

BTL, that offers blockchain solutions to businesses across multiple industries, is now continuing to work with EY and key energy companies in order to further refine the prototype. The company built a prototype that showcases the capabilities of a blockchain based interbank payment network, built on BTL’s core settlement and asset trading solution, Interbit.

“Through EY’s Startup Challenge, BTL has gained access to highly valuable clients, resources, and expertise to help define Interbit within the energy space. BTL has identified key areas for cost saving, helping us to position ourselves at the forefront of the industry,” Guy Halford-Thompson, CEO and Co-Founder of BTL said. “The EY Startup Challenge was an exceptionally valuable program, and puts EY at the forefront of innovation with startup businesses and emerging technologies.”