a shared space . Traditionally , two trading counterparts sharing data , perhaps also with a third party , would each hold a copy of that data and notify one another on updates . Inevitably , they end up falling out of sync , but with Interbit BTL has created what is essentially a co-hosted server between different counterparts where any party can add data and the system retains its harmony . “ That allows for very strong redundancy and a very strong audit trail , with different physical servers and parties storing it whilst getting rid of reconciliation efforts by literally providing that shared space between two companies ,” says Halford-Thompson .
BTL ’ s role is to essentially remove the behind-the-scenes issues that any trade operation experiences . A money transfer takes several days , and banks can ’ t predict how long , because even they don ’ t always know . Those issues are to do with data reconciliation , and this being a prevalent problem in the energy sphere made the industry a clear choice for BTL . “ In energy , before an invoice is generated and the payments kicked off , they ’ ve already done their trade together and after that there ’ s a whole bunch of data points to get collected . By the time an invoice gets sent out , there are often disputes ,” Halford-Thompson explains . “ That ’ s the data reconciliation issue . Having a blockchain means getting rid of the reconciliation efforts and errors that come up .” Energy companies generally lack automation , so moving their processes to blockchain immediately de-clogs the issues inherent in their industry . While its needs are less than many other markets , it is an industry overdue rejuvenation , and the ability to have thousands
BTL helps energy companies to speed up business processes
33