GFT Launches Blockchain App – Allowing Clients to Track Physical Assets


Share with:

GFT, a leading provider of advisory, business consulting, IT and software services has launched its Blockchain commodities consensus computing prototype for clients, which demonstrates how it is possible to track physical commodities assets through the use of a distributed ledger-based business model.

Nick Weisfeld, Joint Head of GFT’s UK Data Practice says:

“GFT recognises that, whilst Blockchain has the potential to transform how people do business and co-operate with one another, such improvements cannot be made with technology alone. The current Blockchain phenomenon has encouraged traditional industries with rigid and established legacy processes to look at how they do business though a new lens, promoting some truly disruptive thinking. At GFT, we encourage all consultants working on active client engagements to explore their ideas and to not be limited by traditional modes of operation or convention.”

Leveraging its expertise of operating in commodities markets over a number of years, GFT has created a model for distributed ledger technologies within the physical commodities sector. The creation of the app is part of GFT’s ongoing development project, named ‘Project Jupiter‘ , which seeks to incubate disruptive business ideas and rapidly prototype solutions around Blockchain technology.

In recent years, there have been a number of high profile examples of fraud within the commodities market, whereby physical inventories were not controlled tightly enough – GFT’s demo app showcases a model for commodities based on a distributed ledger to help prevent this type of fraud.

GFT’s innovation incubator create@GFT allows GFT specialists to analyse and review leading edge ideas and concepts. Using this resource, commodities specialists reviewed the front-to-back processes involved in bringing commodities to market; from mining and refining to warrant trading and settlement. As a result of this analysis led by Julian Eyre, Commodities Product Owner at GFT, it became apparent that there was an opportunity for a Blockchain application to help facilitate a transformational change to the existing commodities industry business model.

Building trust in the ownership and location of the physical commodity assets much earlier in the process through the use of distributed ledger technology means it is possible to reduce the possibilities and opportunities for fraud, as well as improve the end-to-end management of data and the attributes associated with each individual asset parcel. GFT believes that commodities market participants will find this of great value to their business, particularly if proof of ownership and location are essential to their operation.


GFT’s Project Jupiter incubator helps facilitate the rapid prototyping of potential Blockchain solutions, quickly demonstrating the opportunity for market evolution or ensuring that the project is allowed to fail fast. Through this innovative environment, we are able to provide our clients with some truly transformational insights.

About Richard Kastelein

Founder, Publisher and Editor in Chief of industry leading online publication, Blockchain News and co-founder and director at Blockchain Partners in London/Amsterdam/NYC. Kastelein is also an advisor with a number Blockchain startups doing ICOs including where hs is interim CMO,, Inchain, Chronobank, eGaas and others. He is regarded as one of the top journalists by the Blockchain and fintech communities – as is evident by his entry in the Top 150 Fintech journalists online and in the top 10 of the Blockchain Top 100 List.

As a prominent keynote presenter, he has spoken on Blockchain at events in Gdansk, Amsterdam, Minsk, Dubai, Antwerp, Eindhoven, Bucharest, Nairobi, Tel Aviv, Manchester, Brussels, Barcelona etc, where he helped spread the cause for Blockchain technology and cryptocurrency and, consequently, has built a notable network in the scene.

He’s also a director of a Dutch foundation called The Hackitarians and has run innovation events in London, San Francisco, Berlin, Amsterdam and other cities around the world on topics such Blockchain, Health, Energy, Internet of Things, AI etc.

In 2013, the European Commission appointed him as an expert for overseeing financing for emerging startups as a part of the European Commission’s 90 billion euro Horizon 2020 project, created in Brussels to promote innovation as a driving force of job creation and business ventures across Europe. He has also worked as an external expert for Innovate UK since 2012, judging startups for the UK government.

Visit Website
View All Articles
Buy Bitcoin at CEX.IO

Get Blockchain News Where You Are!

Join our Linked in GroupLike our Facebook Page
Linkedin Group BlockchainLinkedin Facebook Group