BTL Group to Release Interbit Beta in Q3
Canada-based blockchain firm BTL Group has provided a progress update on its proprietary private blockchain platform Interbit.
According to the company, Interbit, via its suite of APIs and smart contracts, allows businesses from across the world to improve efficiency by securely trading and auditing assets in compliance with relevant regulations.
The company plans to accelerate Interbit’s go-to-market strategy by launching a beta version of the platform in July and shifting the focus onto enabling key clients to build their own applications directly on Interbit. The announcement comes after the company’s successful pilot projects last year.
In the pilot projects, BTL used its Interbit platform to demonstrate how it can use processes to reduce the complexity of transactional IT infrastructure, thus allegedly reducing risk and costs for enterprises.
In January, the company launched the alpha version of Interbit to undertake a European energy pilot. The project’s focus is to develop the framework for a commercial product and operating model.
BTL CEO and co-founder Guy Halford-Thompson said the company successfully completing pilot projects in the energy sector and in the finance space with Visa leaves them more confident in their blockchain technology. “We have built the Interbit platform specifically with enterprise in mind to help companies overcome many of the challenges they face today, such as the high cost of maintaining legacy IT frameworks, speed of data transfer, data loss, reconciliation and cybersecurity,” he said.
Halford-Thompson added that the company believe that enabling key clients to build on Interbit will create a growing pipeline of new business for BTL. “Having successfully raised CAD $3,105,000 during our latest fundraise completed in April, we have the ability to ramp up our technical resources and expand our teams in both Canada and the UK.”
