A group of energy firms including BP have completed an energy trading pilot using blockchain tech.
Canadian blockchain startup BTL announced the completion of the 12-week trial using its Interbit platform, which also included Wien Energie and Eni Trading & Shipping as participants. Professional services firm EY provided support for the test.
Guy Halford-Thompson, co-founder and CEO of BTL, said in a statement:
“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.”
The startup added that it is now reaching out to more energy firms as part of a six-month pre-production process for its trading platform.
Wien Energie announced its work with BTL on the energy trading platform earlier this year. The firm told CoinDesk the project is aimed to position the energy giant for a large-scale rollout of blockchain technology in the years ahead.
Energy is an area other firms have looked at for potential blockchain business opportunities. Just a week ago, a new consortium of blockchain startups and major energy companies launched with the aim of developing use cases for blockchain tech in the green power sector.
Power lines image via Shutterstock
Disclosure Read More
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.