BTL initiates second phase of its energy trading pilot
The blockchain development firm based in Vancouver, BTL Group, has announced the launch of the second phase of its pilot with an energy consortium made up of five leading companies and four oil and gas supermajors.
The consortium includes Eni Trading and Shipping, Total, Gazprom Marketing and Trading Limited, Mercuria, Patroineos, and Freepoint.
The project aims to use BTL’s blockchain platform, Interbit, to deliver gas trading reconciliation through settlement and delivery trades.
The enterprise solution has been dubbed OneOffice, and followed the first stage of the pilot, which demonstrated Interbit’s delivery of back office cost saving through smart contracts.
“Following our experience during the European energy pilot, we look forward to expanding the scope to enable straight through processing through the whole settlement process as well as bringing wider participation from the industry,” said Francesco Romeo, VP of Trading and Shipping ICT at Eni.
“Total has been trading gas and power since 2000. At the moment, we hear a lot about blockchain and how this technology could transform the trading processes,” stated Philippe Chauvain, VP of Risk Control and IT at Total Gas & Power Limited.
“If successful, this initiative with BTL could help us to reduce the risks of human errors and to increase the speed in the reconciliation process of transactions with our fellow counterparts.”