BTL GROUP announced European energy trading project, with five leading energy traders including Eni Trading & Shipping, Total, Gazprom Marketing & Trading Limited, Mercuria, Vattenfall, Petroineos and Freepoint
BTL GROUP LTD has provided further information on the next phase of its announced European energy trading project, under which four oil and gas supermajors and five leading energy traders including Eni Trading & Shipping, Total, Gazprom Marketing & Trading Limited, Mercuria, Vattenfall, Petroineos and Freepoint, propose to participate in using BTL’s Interbit blockchain platform to deliver gas trading reconciliation through to settlement and delivery of trades. This enterprise solution is being called OneOffice and is a revenue generating project for BTL.
OneOffice – this second phase of BTL’s European energy project – follows the successful completion of the phase one pilot (see the company’s press release dated June 5, 2017) which demonstrated the Interbit platform’s delivery of back office cost saving via smart contracts that automate trade reconciliation processes. In this second phase, BTL will work with the participants to build the OneOffice application to deliver cost savings across the trade life cycle.
Interbit, as a next generation blockchain platform, has the capacity to operate and interconnect many thousands of blockchains per server, in a secure, private and scalable manner and moreover is designed for ease of use. See the company’s October 17, 2017 press release for more information about Interbit’s capabilities and the patents filed in connection therewith.
“Total has been trading gas and power since 2000. At the moment, we hear a lot about blockchain and how this technology could transform the trading processes. If successful, this initiative with BTL could help us to reduce the risks of human errors and to increase the speed in the reconciliation process of transactions with our fellow counterparts,” said Philippe Chauvain, Vice President Risk Control and IT – Total Gas & Power Limited.
“Blockchain has great potential to increase automation and efficiency of our trading operation. Back office processes for confirmation, settlement and invoicing are ideal use cases for this emerging technology. We expect significant improvements in these processes by utilising BTL’s OneOffice,” said Frank van Doorn, acting Head of Trading, Vattenfall.