Google and GFT partner for DLT innovation
29 September 2016 New York
Image: Shutterstock
GFT is utilising the Google Cloud Platform to rapidly deploy the code developed by its client development teams into GFT鈥檚 blockchain incubator to simulate real-word scenarios.
In a statement on the partnership, GFT explained that 鈥渋t is possible to simulate additional banks coming online to a distributed ledger, then rapidly gather and interpret the data using Google BigQuery鈥�.
鈥淒isruptive business models, underpinned by distributed ledger technologies, typically enable banks that have an 鈥榰ntrusted鈥� relationship, to communicate with trust, but without a 鈥榤iddleman鈥� who traditionally provides the 鈥榯rusted鈥� confirmation,鈥� the statement continued.
鈥淭his brings great potential to overhaul many of the core issues that have hindered the financial industry, such as costly and complex legacy infrastructure.鈥�
GFT recently created a test environment for a distributed ledger domestic and international payments solution on the Ethereum platform, working with a large European bank.
Nick Weisfeld, head of GFT鈥檚 blockchain and data practices, said: 鈥淲orking with Google has enabled us to create a test environment for a new Royal Bank of Scotland application using real-world volumes, providing them with valuable information on how their solution operates detailed in a new technical paper.鈥�
鈥淭his ability to test at scale has enabled our client to bring their distributed ledger initiative out of the lab and into the real-world in record time, creating an industry-leading solution.鈥�
In a statement on the partnership, GFT explained that 鈥渋t is possible to simulate additional banks coming online to a distributed ledger, then rapidly gather and interpret the data using Google BigQuery鈥�.
鈥淒isruptive business models, underpinned by distributed ledger technologies, typically enable banks that have an 鈥榰ntrusted鈥� relationship, to communicate with trust, but without a 鈥榤iddleman鈥� who traditionally provides the 鈥榯rusted鈥� confirmation,鈥� the statement continued.
鈥淭his brings great potential to overhaul many of the core issues that have hindered the financial industry, such as costly and complex legacy infrastructure.鈥�
GFT recently created a test environment for a distributed ledger domestic and international payments solution on the Ethereum platform, working with a large European bank.
Nick Weisfeld, head of GFT鈥檚 blockchain and data practices, said: 鈥淲orking with Google has enabled us to create a test environment for a new Royal Bank of Scotland application using real-world volumes, providing them with valuable information on how their solution operates detailed in a new technical paper.鈥�
鈥淭his ability to test at scale has enabled our client to bring their distributed ledger initiative out of the lab and into the real-world in record time, creating an industry-leading solution.鈥�
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