The goal is to demonstrate how BTL's blockchain technology can significantly drive down energy trading costs.
BTL GROUP LTD. (TSX Venture: BTL) reports today that it is working with a group of energy firms, including Austria's largest regional energy company Wien Energie GmbH, on a blockchain pilot using its Interbit platform.
"With the pilot project now being launched, we are able to build up know-how in the Blockchain area with our partners and test the new technology for its opportunities and benefits. We also want to analyze how new business models can arise from this," said Peter Gönitzer, Managing Director at Wien Energie. "Through different experimental arrangements with the technology, new insights into the use of blockchain in the energy business are to be gained and possible process optimization and cost savings are to be explored."
Wien Energie's Chairman Michael Strebl added: "Blockchain technology is a further digitization trend in the energy industry. As Austria's largest energy service provider, we want to actively make use of the technology and its chances for our customers and us."
High Energy
Guy Halford-Thompson, co-founder of BTL explained: "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. From the work we have done so far, we have demonstrated how the Interbit platform can vastly improve existing infrastructures. We believe this project we are undertaking with some of the world's largest energy companies will further prove how our blockchain technology can increase efficiencies and lead to considerable cost savings for energy companies."
This pilot project is being supported by EY. Andreas Freitag, Manager at EY Austria, commented: "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. With EY playing a critical role in the pilot, led by BTL, we are able to get to know the technology and to assess the future potential even better. At the end of the project, we will be a step further to assess how Interbit will affect the energy industry."
The test is expected to run for three months, from March to May 2017.
BTL GROUP LTD. (TSX Venture: BTL) reports today that it is working with a group of energy firms, including Austria's largest regional energy company Wien Energie GmbH, on a blockchain pilot using its Interbit platform.
"With the pilot project now being launched, we are able to build up know-how in the Blockchain area with our partners and test the new technology for its opportunities and benefits. We also want to analyze how new business models can arise from this," said Peter Gönitzer, Managing Director at Wien Energie. "Through different experimental arrangements with the technology, new insights into the use of blockchain in the energy business are to be gained and possible process optimization and cost savings are to be explored."
Wien Energie's Chairman Michael Strebl added: "Blockchain technology is a further digitization trend in the energy industry. As Austria's largest energy service provider, we want to actively make use of the technology and its chances for our customers and us."
High Energy
Guy Halford-Thompson, co-founder of BTL explained: "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. From the work we have done so far, we have demonstrated how the Interbit platform can vastly improve existing infrastructures. We believe this project we are undertaking with some of the world's largest energy companies will further prove how our blockchain technology can increase efficiencies and lead to considerable cost savings for energy companies."
This pilot project is being supported by EY. Andreas Freitag, Manager at EY Austria, commented: "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. With EY playing a critical role in the pilot, led by BTL, we are able to get to know the technology and to assess the future potential even better. At the end of the project, we will be a step further to assess how Interbit will affect the energy industry."
The test is expected to run for three months, from March to May 2017.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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