Blockchain platform BTL Group has announced it is to pursue the development of its Interbit trading solution after a successful oil market pilot.
“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,” BTL co-founder and CEO Guy Halford-Thompson said.
“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.”
The 12-week oil pilot, which began in February, showed its value even while under initial scrutiny, Reuters further reports on Monday, as it unearthed an accounting issue which would otherwise have caused delays later on in the trading process.
Ernst & Young, which provided consulting support during the pilot, said the benefits of Blockchain extend far beyond simple accounts reinforcement.
“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,” partner Andrew Woosey commented, adding that “further engineering and organisational effort is needed to achieve these outcomes.”
Blockchain is also making inroads into oil trading streamlining elsewhere thanks to IBM’s Hyperledger-based IBM Blockchain platform and other partnerships.