Oil baron British Petroleum (BP) has teamed up with Italian and Austrian energy giants Eni and Wien Energie to create trading solutions with blockchain developer BTL's Interbit platform, after completing a pilot test.
According to BTL, the platform supports a wide range of FinTech applications including confirmations, actualizations, invoice generation, settlement, audit reporting, and regulatory compliance, allowing enterprises to significantly reduce risk, costs, and the threats of cyber-attack. The pilot test took 12 weeks and "involved building out an energy trading confirmation solution on BTL’s Interbit platform, which was successful in all eight test scenarios."
Reuters reports that in one case, the blockchain system saved time when it prevented a costly error by identifying an inconsistency in a trade between Eni and BP.
EY (Ernst and Young) issued consulting oversight, and partner Andrew Woosey said:
“The pilot project showed how BTL’s blockchain platform, Interbit, can be used to innovate in the field of energy trading. 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.”
Co-founder and CIO of BTL Guy Halford-Thompson believes that blockchain technology can provide a more efficient means for enterprises to build applications. He said:
“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.”
The project is nearing the production stage and BTL extends an invitation to prospective participants to join the six-month phase which will culminate in a live commercial launch.