Blockchain Energy Trading By BTL Group Enters Phase IIbr>
Canadian blockchain firm BTL Group has provided further information on the next phase of its European energy trading project.
Under the project, four oil and gas companies and five energy traders propose to participate in BTL’s Interbit blockchain platform. The project participants include Eni Trading & Shipping, Total, Gazprom Marketing & Trading Limited, Mercuria, Vattenfall, Petroineos, and Freepoint. The aim is to deliver gas trading reconciliation through to settlement and delivery of trades. This enterprise solution is being called OneOffice and is a revenue generating project for BTL.
BTL’s Interbit platform automates many back office processes, including confirmations, actualizations, invoice generation, settlement, audit, reporting, and regulatory compliance. It allows enterprises to significantly reduce risk, costs, and the threat of cyber-attack, as well as increasing their trading opportunities.
The OneOffice project follows the phase one pilot, which demonstrated the Interbit platform’s delivery of back office cost-saving via smart contracts that automate trade reconciliation processes. In this second phase, BTL will work with the participants to build the OneOffice application to deliver cost savings across the trade life cycle.
“Phase two extends from trade reconciliation to settlement using our Interbit application for the natural gas trade life cycle,” said Dominic McCann, BTL’s CEO. “The launch of the OneOffice project is a significant achievement for BTL as we move closer towards introducing the Interbit platform across multiple industries later this calendar quarter.”
“Blockchain could provide cross-industry opportunities to improve the speed, security and efficiency of transactions with Gazprom Marketing & Trading Limited’s counterparties at the forefront of technological developments in commodity trading,” said Catherine Newman, General Manager Global IT & Delivery, Gazprom. “These opportunities can only be realized by working collaboratively with other commodity market participants. Although it is early stages yet, the POC with BTL represents an exciting and potentially disruptive prospect in the near future.”
“Blockchain has great potential to increase automation and efficiency of our trading operation,” said Frank van Doorn, acting Head of Trading, Vattenfall. “Back office processes for confirmation, settlement and invoicing are ideal use cases for this emerging technology. We expect significant improvements in these processes by utilizing BTL’s OneOffice.”