VANCOUVER, British Columbia and LONDON, July 17, 2018 (GLOBE NEWSWIRE) -- BTL GROUP LTD. (TSX Venture:BTL) (“BTL” or the “Company”) designed InterbitTM, as a 3rd generation, multiple blockchain platform to overcome the limitations of single blockchain platforms. 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.
Interbit was demonstrated for the first time in public at the Consensus blockchain conference in New York in May, where the unique nature of Interbit’s multiple blockchain architecture was recognized, including the fact that recent data protection laws are met by Interbit’s architecture (including the “right to be forgotten” requirement set forth in the newly established General Data Protection Regulation in the European Union).
ABOUT BTLTM AND INTERBITTM
Listed on the TSX Venture Exchange (TSX Venture:BTL) and operating from both Canada and the UK with offices in Vancouver, Calgary and London, BTL is a technology platform provider that owns Interbit, a 3rd generation blockchain platform which enables business applications to be built quickly, easily and securely.
Interbit can be licensed by developers and businesses who can build and share their own applications in a trusted ecosystem, allowing them to embrace new revenue generating opportunities. Interbit meets the speed, scale and privacy that older generations of blockchain technology cannot achieve by using its chain joining technology to connect multiple blockchains. It offers a simpler, more secure, new way of computing.
For further information please contact:
Dominic McCann, CEO
Phone: +1 855 256 5246
Certain statements in this release are forward-looking statements, which include further development of BTL’s business relationships and business and the timing, development and success of BTL’s technologies and products, and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, estimates, forecasts, projections and other forward-looking statements will not occur. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular, the development of competitive technologies, the marketplace acceptance of BTL’s technologies and products, as well as those risk factors discussed or referred to in BTL's annual Management's Discussion and Analysis for the year ended December 31, 2017 available at www.sedar.com, many of which are beyond the control of BTL. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, BTL disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, BTL undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.