BTL to release Interbit beta in Q3

BTL has announced that it will release the beta version of Interbit, the companies commercial enterprise blockchain platform, in Q3.

The proprietary solution is designed to help companies reduce the high cost of maintaining legacy IT frameworks, improve data transfer speeds, avoid data loss, and improve reconciliation and cybersecurity, according to a press release.

"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," BTL co-founder and CEO Guy Halford-Thompson, said in the release. "Having successfully completed pilot projects in the energy sector, and [in] 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."

BTL intends to allow Interbit users to build their applications directly on the platform.

"We believe that enabling key clients to build on Interbit will create a growing pipeline of new business for BTL," Halford-Thompson said. "Having successfully raised CAD$3.1 million (US$2.3 million) 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 U.K. 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."