BTL Group LTD., the enterprise technology platform provider that built private blockchain Interbit, has provided a progress update and strategic outline for the rollout of Interbit in a Beta version during the upcoming third quarter of this fiscal year.
Guy Halford-Thompson, BTL’s Co-Founder and Chief Executive Officer, announced: “We are very proud of what we’ve achieved at BTL to date, which includes getting our Interbit platform to the Alpha state, along with funding in place to support development of the next phase. Having successfully completed pilot projects in the energy sector, and the finance space with Visa, we are more confident in our blockchain technology than we’ve ever been and have a more transparent roadmap for Interbit’s route to market. We have built the Interbit platform specifically with enterprise in mind to help companies overcome many of the challenges they face today such as the high cost of maintaining legacy IT frameworks, speed of data transfer, data loss, reconciliation and cybersecurity.”
Following on from pilot projects in 2016, BTL has set a clear strategy for the 2017 financial and calendar year. In Q3 2017, which starts in July, BTL plans to accelerate Interbit’s go to market strategy by launching a Beta version of the platform, and shifting the focus onto enabling key clients to build their own applications on Interbit directly.
Halford-Thompson added: “We believe that enabling key clients to build on Interbit will create a growing pipeline of new business for BTL. Having successfully raised CAD$3,105,000 during our latest fundraise completed in April 2017, we have the ability to ramp up our technical resources and expand our teams in both Canada and the UK. By adding the right people to our highly experienced blockchain technology team, our aim is that BTL and our Interbit platform will become a leading technology solutions provider.”
During 2016, BTL’s highlights have been the successful completion of pilot projects with major global enterprises in both the finance and energy spaces. In these pilot projects, BTL used its Interbit platform to demonstrate how it can use processes to vastly reduce the complexity of transactional IT infrastructure, thus reducing risk and costs for enterprises. In January 2017, BTL successfully launched the Alpha version of Interbit to undertake a European energy pilot. With this pilot past the halfway mark, the focus is to develop the framework for a commercial product and operating model for the conclusion of the pilot.
BTL also announced that it has filed its audited consolidated financial statements and Management’s Discussion and Analysis for the year 31st December 2016, which can be found under BTL’s profile on SEDAR, and which sets forth detailed operating and financial results for BTL.