LONDON, January 7, 2016 — Businesses everywhere are starting to see the great benefit of distributed ledger technology and with this popularity comes a daily announcement of companies utilizing this emerging tool. Now GFT the IT software service provider and consulting firm has announced its deployment of a blockchain-based commodities consensus platform for its clientele. The U.K.-based service believes this new tech will change the landscape within the finance sector and launches its latest project stating on its website:
“GFT launches “Project Jupiter” in London: Disrupting financial service industries with Blockchain”
The company created the new application to help improve its “leveraged expertise” in commodity markets. Project Jupiter will demonstrate the ability to track these assets through a blockchain platform. The GFT Data department is led by Nick Weisfeld, Jon Cooke, and Julian Eyre and will begin development of the “blockchain proof-of-concept” within the coming days. The company’s joint head of the data project explains GFT’s interest in the technology saying, “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 through 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.”
GFT says the “Data-focused” competition they held this past summer and innovations created in October have led to the proof-of-concept protocol. The company reveals its fortunate to have access to an “in-house innovation space create@GFT”. Utilizing the CODE_n platform, GFT enables an array of international operations to access disruptive financial applications and markets. Gareth Richardson, Managing Director GFT UK said, “It is great to see my team at GFT driving an agenda for industry disruption and innovation. This project is really exciting as we all believe that Blockchain has the potential to be a hugely significant idea for our industry. However, currently there is a lack of practical applications outside Bitcoin, and it is great to see us leading the drive in this regard.”
The team plans to blog and share the experiences they have and create over the course of the next few weeks. They want to help other businesses who are interested in deploying distributed ledger technology and give detail to “what you should consider when embarking on a Blockchain project.” GFT seems to be excited to embark on this voyage into uncharted territory and its trending economy. Blockchain technology is growing more popular by the minute, and businesses everywhere are starting to get involved. Existing financial providers are catching wind of the FinTech and cryptocurrency revolution and are either choosing to be a disruptor or be disrupted. It seems that this choice is being set on the table of every boardroom meeting, and legacy institutions are choosing to join in on innovation. GFT’s Juniper projects and data competition is just one example of these companies taking strides.
How many businesses will adopt blockchain technology this year? Let us know in the comments below.
Images courtesy GFT’s Blog, and Redmemes