Blockchain company BTL files patents on Interbit platform

Blockchain builder BTL Group, based in London and Canada, has filed patents on its distributed ledger platform Interbit.

Interbit is a third generation blockchain platform with 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, said a statement.

Tom Thompson, CTO of BTL, said: "Interbit now has the capacity to operate and inter-connect many thousands of Interbit blockchains per server in a secure, private, and scalable manner.

"We realised very quickly that single blockchain solutions such as current generation two offerings would not allow blockchain technology to fully realise 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.

"During our successful pilots we have proven Interbit's privacy and scalability capabilities, securing it as a recognised 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."

Interbit allows practical creation of blockchain-based solutions through JavaScript applications, and is currently in beta after being in development over the past two years. The Interbit Hypervisor is Interbit's underlying architecture designed to enable 'chain-connecting' which allows for multiple, inter-connected blockchains to operate at scale, while maintaining privacy where required.

The patent filings are an important milestone in BTL's growth as it clearly defines the Interbit platform's unique features and is an integral part of progressing projects with existing and new clients going forward.

Dominic McCann, CEO of BTL, said: "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.

"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."

The Interbit Hypervisor architecture enables thousands of Interbit blockchains per server to connect with one another. It also targets combined network throughput rates in the hundreds of thousands of transactions per second, said BTL.