Vancouver-based BTL Group on Tuesday announced the launch date of its proprietary Blockchain platform Interbit. With this product the company is aiming to reduce risks and costs by securely streamlining existing IT infrastructures.
The April 23 release will not be the production version of the technology, but an open beta, which anyone can download for testing purposes.
Interbit is a third-generation blockchain-based solution, which evolved from the shortcomings of projects like Ethereum . Interbit's unique so-called “chain joining capability” has the capacity to inter-connect many thousands of Interbit blockchains per solution. Moreover, BTL claims that its solution does everything in a private, secure, and horizontally scalable manner.
The blockchain solution will be delivered to companies on a licensing basis, which can then use InterbitTM to suit their specific needs. Clients will be able to build their own solutions on top of the blockchain layer or partner up with BTL.
'Essential for businesses'
BTL has been working on this project for the past two years and before making the decision to open the platform for public testing worked with major European energy firms such as BP, Eni Trading & Shipping, and Wien Energie to test it in an industry environment.
Tom Thompson, CTO of BTL, commented: “Interbit is a token free blockchain platform and its release will further highlight the distinction between blockchain technology and the cryptocurrency markets. Furthermore, Interbit's unique chain joining technology is designed to allow users to keep all metadata private in a design framework that is familiar and easy to use, of which both are essential for businesses to truly come to rely on blockchain technology over time.”
BTL patented its blockchain technology in late 2017, after which it raised $CAD 15.3 million ($12 million) to launch a marketing effort for its industry agnostic platform.
"This represents a key milestone in our BTL journey and we look forward to Interbit bringing unrivaled technology to the market. Subject to completion of security audit and performance testing following its release, Interbit will be available for commercial deployment shortly thereafter," Dominic McCann, CEO of BTL, said.
