Blockchain solutions provider BTL Group announced this week it is working with a group of energy companies on a blockchain pilot using BTL’s Interbit platform. The group includes Austria’s largest regional energy company Wien Energie GmbH.
The pilot is meant to illustrate how BTL’s technology can lower costs associated with energy trading . It is supported by global consultancy EY and is expected to run from March through May.
BTL cofounder and CEO Guy Halford-Thompson said the pilot is a valuable step for his company.
“The experience and expertise we expect to acquire from this pilot will be in addition to the knowledge we have obtained from our past work with leading energy companies. By commencing this project we are one step closer to live application of Interbit in the energy sector.”
Blockchain has potential to revolutionize the energy sector, EY Austria’s manager Andreas Freitag said.
“The energy industry should actively deal with blockchain technology. The impact on existing processes and markets could be enormous.
“Now is a good time to test the technology and adjust the company to the upcoming changes.”
Mr. Halford-Thompson said the energy industry could make use of process-simplifying technologies.
“The energy industry has a complex ecosystem with a myriad of business lines from raw material exploration to electricity generation and delivery. Currently, record keeping and data management are incredibly cumbersome leading to costly mistakes when it comes to trading energy products and tracking asset ownership.”