GFT Technologies, an IT service provider for the banking industry, has revealed it will be testing blockchain technology on Google’s Cloud Platform.
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GFT Believes Google’s Cloud Service Will Help Them Promote Distributed Ledger Tech
The Stuttgart-based GFT is an IT provider and business consulting service for European banks. The company has announced its membership with Google’s Partner Program to “drive blockchain technology.” GFT said it plans to simulate distributed ledgers in real-time within a scalable test environment.
Blockchain technology is said to have the ability to settle business transactions instantly while improving efficiency. Using the Google Cloud Platform, GFT claimed it will be able to “rapidly deploy” code by its developmental clientele. The company reported that it has developed a blockchain incubator, which simulates financial scenarios.
Additionally, using Google’s services will allow the firm to utilize Google BigQuery. The platform will provide detailed data on these operations. Other services used include Google Cloud Bigtable, and the latest DevOps protocol meant to enhance developmental efforts.
Nick Weisfeld, Head of GFT’s Blockchain and Data Practices stated in the announcement:
It is important for us to work with a partner where there is a complementary relationship that delivers mutual benefit. Working 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.
Blockchain Will Transform the ‘Hindered’ Financial Industry
The Stuttgart firm believes blockchain technology has the ability to overhaul the “hindered” traditional financial industry. However, the company feels the technology must be tested thoroughly, be secure, and also scale before being considered. With its latest initiative, according to GFT, clients will be able to test scalability and bring “distributed ledger initiatives out of the lab.”
“Through our partnership with Google, we are able to better understand the capabilities of this exciting technology and its impact on the financial services interbank architecture. GFT is well placed to assist our clients as they mature their distributed ledger business models and solutions,” explained Gareth Richardson, Managing Director, GFT.
GFT Is Currently Testing With Ethereum and a Large European Bank
The company stated that the most recent testing of a domestic and international payments protocol used the Ethereum platform. GFT tested the prototype with a “large European bank,” the company reported. While the experiment took place, GFT mentored its client on the protocol’s scalability, realistic payments volumes, and the inner workings of the software.
The IT provider said they firmly believe in blockchain technology. Richardson added that they want to “drive” the company’s clientele towards the use of distributed ledgers.
What do you think about GFT using Google’s Cloud to test blockchain technology? Let us know in the comments below.
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