GFT Launches Blockchain App – Allowing Clients to Track Physical Assets

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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 of industry publication Blockchain News, partner at ICO services collective CryptoAsset Design Group (helped raise over $200m+), director of education company Blockchain Partners (Oracle Partner) and ICO event organiser at leading industry event  CryptoFinancing (first ICO event in Europe) – Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of half a dozen Blockchain startups and has written over 1200 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.
 
Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London, Manchester, Minsk, Nairobi, Nanchang, San Mateo, Shanghai,Tel Aviv and Venice. His network is global and extensive.
 
He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He’s written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com and his work and ideas have been translated into Dutch, Greek, Polish, German and French.
 
A journalist by trade, an entrepreneur and adventurer at heart, Kastelein’s professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he’s travelled for nearly 30 years as a Canadian expatriate living around the world.
 
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, “The Hitchhiker’s Guide to the Seas’ travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he’s raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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