Vancouver and London-based BTL Group has announced that following a successful EY's 2016 Startup Challenge, which focused on building Blockchain solutions for digital rights management and energy trading, they are now continuing to work with EY and key energy companies to further refine the prototype.
The challenge took place over the course of a six-week period and explored ways in which BTL's Interbit platform could transform how energy trades are created and settled, drive down costs, and reduce risk in the market. Working closely with EY and in collaboration with leading energy companies, BTL developed an advanced ETRM (Energy Trading Risk Management) application.
“We have built a strong relationship with BTL during the course of the Startup Challenge,” said Jamie Qiu, Founder and Lead of the EY Startup Challenge. “BTL's prototype ETRM (Energy Trading Risk Management) Auditing and Portfolio Reconciliation application, built on their Interbit platform has the potential to create significant cost savings in the energy space and we are looking forward to continuing to develop our relationship with BTL as they work closely with key energy clients.”
“Through EY's Startup Challenge, BTL has gained access to highly valuable clients, resources, and expertise to help define Interbit within the energy space. BTL has identified key areas for cost saving, helping us to position ourselves at the forefront of the industry,” said Guy Halford-Thompson, Chief Executive Officer and Co-Founder of BTL. “The EY Startup Challenge was an exceptionally valuable program, and puts EY at the forefront of innovation with startup businesses and emerging technologies.”
Operating from both Canada and the UK, BTL offers Blockchain solutions to businesses across multiple industries. As per its recently announced project (see BTL's September 1, 2016 press release), BTL has built a prototype that showcases the capabilities of a Blockchain based interbank payment network, built on BTL's core settlement and asset trading solution, Interbit.
Interbit is an open, multi-chain, asset settlement platform with a suite of APIs and smart contracts that allow entrepreneurs from across the world to participate and innovate to provide global access to fast, secure, and auditable financial and asset trading services.
With offices in Vancouver and Canary Wharf in London, BTL is positioning itself as a front-runner in the Blockchain ecosystem, providing advice and knowledge to industry leaders.