Banking Services Giant to Use Google Cloud Platform for Real-World Blockchain Testing

September 23, 2016 14:17 UTC

GFT, an IT and software services firm that caters to the financial services sector will join the Google Cloud Platform’s partner program, enabling it to simulate and deploy blockchain test infrastructure for banks on the platform.

GFT, a software and IT provider for major banking corporations and financial services institutions will be utilizing Google’s cloud platform to deploy clients’ code and prototypes into its incubator to simulate real-world scenarios.

As a major banking software provider, GFT sees blockchain technologies to usher in a number of disruptive business models in the financial industry. The innovation brings potential to “overhaul many of the core issues” hindering the industry such as expensive legacy infrastructure, in costs and complexity, the firm states. Before they are viable, they need to be tested in scale, which is where GFT is seeking to get a leg up.

In an announcement, the firm revealed its intention to deploy blockchain test infrastructure for banks to help them simulate real-world blockchain models within a “globally distributed and scalable test environment.”

Big data will also play a part, with GFT pointing to the simulation of new banks and financial institutions joining a distributed ledger whose data will be interpreted using BigQuery, Google’s Petabyte-scale data warehousing solution, also on the cloud.

The overall apparatus, GFT says, will help its clients with elaborate insights on how their in-house blockchain solutions would operate in the real-world.

GFT adds that one recent implementation of its test environment has already seen the participation of the Royal Bank of Scotland. Using the Ethereum platform, the European bank tested a domestic and international payments solution on a blockchain.

Nick Weisfeld, head of GFT’s Blockchain and Data Practices, elaborated on the simulation. He stated:

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.

This 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.“

Featured image from Shutterstock.

Last modified: September 23, 2016 18:18 UTC

@sambdas

Samburaj is the Editor for CCN, among the earliest and foremost publications covering financial and blockchain news. He has authored over 2,000 articles for CCN. Email him samburaj(@)ccn.com or find him barely tweeting @sambdas