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Oil Giant BP to Test Blockchain Technology With BTL Group

Oil Giant BP to Test Blockchain Technology With BTL Group

Oil giant BP, the world’s eighth-largest energy company by revenue

($222.8 billion), has officially begun collaborating with Canadian blockchain startup BTL Group. After a few months of successful testing, BP, Italian oil and gas company Eni, and major German energy company Wien Energie all plan to enter a six-month production phase with BTL’s Interbit platform built on top of the blockchain. The three companies will utilize the BTL blockchain platform to trade gas and oil in a transparent and secure ledger.

Before the three companies move on to commercialize BTL’s blockchain technology Interbit, blockchain developers and the group of leading energy companies aim to simulate real-life trades at a commercial rate. Trades of billions of dollars worth of gas and oil will be processed on the Interbit blockchain platform in a simulation to evaluate if the blockchain technology is capable of settling millions of data points in short periods of time with enhanced and optimal security measures. Guy Halford-Thompson, the co-founder and CEO of BTL Group, who introduced one of the first bitcoin ATMs to the UK in 2013,

said:

“Having demonstrated the reductions in risk and cost savings that are achievable we now have an opportunity to deliver the first successful blockchain based application to the energy market.”

The BTL Group is the first public blockchain company located in Canada and the UK that is focusing on the development and implementation of blockchain technology targeted towards the finance, energy and gaming sectors. Because a large number of blockchain companies and consortia are already working with leading financial institutions and banks in utilizing the blockchain to reduce transaction costs and overall expenses, developers of BTL are specifically targeting semi-financial markets.

According to Halford-Thompson, the three oil giants are also considering implementing the blockchain in other areas and operations. Relying on the decentralized and transparent nature of blockchain technology, BTL and the group of energy companies are analyzing the blockchain’s potential in reducing costs of alternative operations. For instance, on top of the conventional structure of the blockchain, various technologies such as smart contracts can be utilized to carry out or conduct agreements autonomously. With the utilization of smart contracts as demonstrated by many public blockchain projects such as Ethereum, companies like BP can automate operations that require a high level of manual work. “We are also very excited that the pilot has enabled participating companies to understand the benefits of Interbit better and identify other areas in their organizations where they can apply it,” said Halford-Thompson.

In an interview, EY partner Andrew Woosey also emphasized the importance of the pilot test of BTL’s Interbit blockchain platform led by BP. Over the past two years, the “Big Four” accounting firms including EY, PwC, Deloitte, and KPMG have been heavily involved in the blockchain sector by helping large conglomerates such as BP understand the intricacies of blockchain technology and implement it efficiently. Woosey also stated that that the group of energy companies is focusing on streamlining back office processes autonomously, ultimately to reduce risk and build resilience toward cyber threats.

“Use of such technology can help by streamlining back office processes, leading to reduced risk, better protection against cyber threats and ultimately significant cost savings. Further engineering and organizational effort are needed to achieve these outcomes,” said Woosey. Currently, a large number of energy companies are looking into the blockchain to optimize operations and reduce costs. In an interview, Ethereum co-founder Vitalik Buterin revealed that the $92 billion mining, metals, and petroleum corporation BHP Billiton is participating in the Enterprise Ethereum Alliance to develop decentralized applications based on Ethereum.

Chuck Reynolds


Marketing Dept Contributor
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IOTA Token has Record Breaking Launch on Bitfinex, Hits $1.5 Billion Market Cap

IOTA Token has Record Breaking Launch on Bitfinex, Hits $1.5 Billion Market Cap

    

Cryptocurrency exchange Bitfinex officially launched the IOTA token

At 9:00 am Eastern Standard Time, cryptocurrency exchange Bitfinex officially launched the IOTA token, IOT. Tradable in IOT/USD and IOT/BTC pairs, tokens for use with the IOTA network are now publicly accessible through the Bitfinex website. This launch represents a milestone for IOTA as they expand their user base. “Exchange listing is something that has become a hallmark for all crypto projects,” says IOTA founder David Sønstebø in conversation with CCN, “it represents that the technology is ready for the open market and the wider audience.” And looking at the numbers from the launch, it seems the open market was ready for IOTA.

Consumer Anticipation

After Bitfinex’s announcement on June 4, 2017, regarding the listing of IOT, user demand became readily apparent. The staff at Bitfinex found themselves ‘inundated with requests for details,” explained Bitfinex representative Brandon Carps, “We’ve yet to see this many requests for details on a token listing.” These inquiries lead to an unprecedented amount of support tickets created for Bitfinex.

By the Numbers

After going live on Bitfinex, the transaction volume quickly became so massive that the Bitfinex servers briefly went down. “Moments after the IOTA launch,” Brandon shared,  “we were all hands on deck to load balance and ensure IOTA trading was back online and operating as expected.” What kind of volume? Within the first three hours of trading, 4.44 Million Mega IOTA were traded with the IOT/USD pair, an amount that increased by the second. The IOT/BTC trades showed even greater activity, showing 11.67 Million Mega IOTA traded in

The same period.

The first two hours of IOTA trading was more than double the USD volume and ten times greater than the BTC volume of the last token we released, Ripple, over the course of its full trading day.

All of which sees IOT slotting itself straight into the top 10 cryptocurrencies by market cap. At the time of publishing, the total value of IOT tokens stands above $1.5 billion, peaking beyond the likes of Dash and Monero.

Bitfinex Lists IOT

The team at Bitfinex have been following IOTA’s development closely for the past year. Thanks to the innovative nature of their platform, and the “amount of effort the founders have put into IOTA in just a year’s time relative to the polished product we see today is atypical for something in such an early period of its life,” the IOTA token was an obvious candidate for inclusion on Bitfinex. The relationship is unique for Bitfinex as well, as this is the first token Bitfinex is hosting not listed on any other exchange. In discussing the success of IOT on Bitfinex, David said “I want to congratulate every IOTA member on this success. Now we welcome thousands upon thousands of new people who learn about and get interested in IOTA through this event with open arms. However, we are still considering this the very early days, and are squarely focused on the long term execution and vision of the IOTA project.”

Chuck Reynolds


Marketing Dept Contributor
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