BTL™ Provides Update on Interbit™ and Operations

BTL Group (TSXV:BTL) has announced an update on its blockchain platform, Interbit.

As quoted in the press release:

Interbit was built upon blockchain technology at the hypervisor level over the last two years to provide a secure computing environment that ensures privacy of data, and the ability to build applications that are faster, scalable, and more resilient and will support solution development utilizing multiple blockchains.

On April 23, 2018 Interbit was released for feedback and testing (see the Company’s April 23, 2018 press release). Since this release date the Company has completed 42 software updates to the Interbit core and platform, successfully directed towards improving the platform’s stability and functionality. The Company is continuing to receive feedback as it works towards releasing Interbit’s production version.

The Company continues work on Phase 2 with the participants in its European energy trading project (see the Company’s January 22, 2018 press release) to build the OneOffice application for Interbit to deliver cost savings across the trade life cycle for natural gas. During this Phase, utilizing the multiple blockchain nature of Interbit, the Company has developed a “blockchain per trade” architectural approach to building blockchain solutions for trading partners. Once Phase 2 has been completed, the Company expects to take what it has learned and determine the next steps in a production deployment of the OneOffice application that will address reconciliation and settlement across all industries.

Following Interbit’s April 23 release, the Company has taken what it has learned and further refined its strategic focus towards Interbit’s continued development. As a consequence, the Company has reduced run-rate monthly operating costs.

Click here to read the full press release.