Revolutionizing the Financial Markets
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
Winter 2016 Sponsored Section 13<br />
our hypo<strong>the</strong>ses and our Blockchain model with potential market<br />
participants. We expect to receive feedback by <strong>the</strong> end of March<br />
2016 that will allow us to fur<strong>the</strong>r refine both <strong>the</strong> business model<br />
and <strong>the</strong> technology solution.<br />
GFT’s initial target audience includes any organisation<br />
seeking to develop a Blockchain programme, where <strong>the</strong> benefits<br />
of Blockchain can be readily achieved and cost efficiency can be<br />
gained through adopting a new operating model. Past experience<br />
show that GFT’s prototype process works and is a valid model that<br />
can be used to fast-track any Blockchain development.<br />
<strong>Financial</strong> IT: What do you see as being <strong>the</strong> likely impact of<br />
Blockchain on <strong>the</strong> modus operandi of financial institutions and<br />
o<strong>the</strong>r corporate clients?<br />
Gareth: The potential exists for Blockchain to transform how people<br />
do business and cooperate with one ano<strong>the</strong>r. Such improvements<br />
cannot be made with technology alone and <strong>the</strong> current Blockchain<br />
phenomenon is now encouraging traditional industries with<br />
rigid and established legacy processes to look at how <strong>the</strong>y can do<br />
business differently, while promoting disruptive thinking.<br />
Our practice supports <strong>the</strong> review, integration and interoperability<br />
of emergence of Blockchain initiatives. In addition to this, GFT has<br />
developed its prototype using an agile development methodology<br />
across our various development centres. Our approach should<br />
produce a ready-to-use solution that is based on Blockchain.<br />
<strong>Financial</strong> IT: Could Project Jupiter achieve <strong>the</strong> same positive<br />
outcomes without Blockchain?<br />
Gareth: Whilst GFT’s Project Jupiter is specifically focused on<br />
Blockchain –based outcomes, <strong>the</strong> solution that we developed<br />
so far is partly based on existing supply chain and stock<br />
management software. Our solution seeks to improve and<br />
enhance <strong>the</strong>se models in a cost- effective way.<br />
<strong>Financial</strong> IT: In general, is Blockchain really being used by<br />
FinTech companies and <strong>the</strong>ir clients – or is it just an interesting<br />
discussion topic that will feature at one or two Sibos conferences<br />
before being supplanted by something else?<br />
Gareth: The Blockchain, or distributed ledgers, principle is not a<br />
new solution. However, <strong>the</strong> technology to support shared ledgers<br />
in a cost effective and efficient manner is a new development.<br />
Blockchain is an enabling technology with great potential. In<br />
<strong>the</strong> future it is likely to underpin a large range of operational<br />
processes, and a way in which <strong>the</strong> underlying Blockchain<br />
platform is largely irrelevant (much like TCP/IP and HTML is no<br />
longer referred to in Internet parlance today).<br />
We do not consider that regulatory constraints apply to<br />
Blockchain specifically. Ra<strong>the</strong>r, <strong>the</strong> constraints apply to <strong>the</strong><br />
operational processes that require regulation. It is likely that <strong>the</strong><br />
regulators will embrace Blockchain technology with enthusiasm<br />
due to <strong>the</strong> increased transparency that it naturally provides.<br />
GFT’s<br />
Project Jupiter<br />
Incubating transformational<br />
Blockchain solutions<br />
for financial services<br />
For more information visit:<br />
› gft.com/blockchain<br />
Business consulting | Design and technical consulting<br />
Consult our specialists: › gft.com | info@gft.com<br />
UK: +44 (0)20 3753 5700 | USA: +1 212 205 3400 | Canada: +1 647 724 1745