BTL GROUP LTD. (TSX Venture: BTL) (“BTL” or the “Company”) is pleased to announce that it has filed patents on its enterprise blockchain platform InterbitTM. Interbit is a third generation blockchain platform with unique ‘connecting’ capability developed by BTL after it became apparent that second generation blockchains would not scale to meet enterprise demands as the technology matures. BTL confirmed through pre-commercial and confidential beta testing that its Interbit platform consistently exceeds customers’ requirements in many sectors, including finance and energy.
“Interbit now has the capacity to operate and inter-connect many thousands of Interbitblockchains per server in a secure, private, and scalable manner. We realized very quickly that single blockchain solutions such as current generation two offerings would not allow blockchain technology to fully realize its transformative capabilities in the years ahead – we needed Interbit to scale far beyond what already exists in the blockchain space. Our new capabilities clearly define what generation three blockchains are capable of,” said Tom Thompson, CTO of BTL. “During our successful pilots we have proven Interbit’s privacy and scalability capabilities, securing it as a recognized enterprise grade blockchain platform. Interbit has also been designed for ease of use by customers, allowing it to be integrated into existing IT infrastructure in a quick and simple manner, not seen before in our industry.“
“Filing patent applications for the Interbit platform allows us to position BTL as a leader in the blockchain technology space as it clearly defines our offering as a highly scalable enterprise blockchain development platform with interoperability embedded. We are very close to delivering Interbit into a live environment as a product that will leapfrog all existing blockchain technologies. This will position the Company to meet and exceed the increasingly complex demands for blockchain solutions across all industries,” said Dominic McCann, CEO of BTL. “Blockchain technology must meet the security and scalability expectations of the enterprise and be easy to work with before enterprise adoption will scale. Interbit, delivers on both.“
Scalability & Privacy via the Interbit Hypervisor
The patent pending Interbitblockchain platform and its underlying Hypervisor architecture addresses scalability and privacy, two key challenges that blockchain technology faces in order to make it relevant to enterprise, as follows:
- The Interbit Hypervisor architecture enables thousands of Interbitblockchains per server to operate and connect efficiently with one another.
- Connecting Interbitblockchains will allow:
- solutions to scale horizontally, targeting combined network throughput rates in the hundreds of thousands of transactions per second;
- solutions to hold enterprise scale data volumes targeting the petabyte range; and
- networks of blockchains to communicate with one another directly.
- The Interbit Hypervisor was built from the ground up to address one of the main challenges for blockchain technology: ease of use. Developers use familiar tools and languages when building on Interbit.