13 February 2018
Reporter: Jenna Lomax

GFT Technologies creates new DLT platform

GFT Technologies (GFT), together with its partners in Italy, is to set up a secure cross-platform blockchain distributed ledger technology (DLT) network across Europe.

GFT originally established a blockchain incubator in London in 2015 with its Project Jupiter.

Prototypes of Project Jupiter have already been implemented in Germany, Italy, Spain and the UK for various areas, such as lending, payment transactions, cross-border clearing and settlement.

According to GFT, Project Jupiter will enable clients understand the numerous ways they can leverage DLT and establish their own viable business models.

There are three main application areas to Project Jupiter: reducing the risk of fraud in billing, certifying products and classifying quality, and giving clients the ability to access real-time reimbursements.

In order to promote DLT, blockchain and cryptocurrencies amongst its own workforce, a GFT cryptocurrency named GFT Coin was created as a pilot project in the UK in early 2018.

The initiative is currently being rolled out across the GFT Group. Employees receive a number of coins every month and can ‘reward’ their colleagues with a GFT Coin as they see fit.

Richard Miller, strategy head of disruptive technology at GFT, said: “We are seeing tremendous interest from clients wishing to examine how DLT can add value to their business.”

He added: “Clients are recognising that now is the time to utilise DLT and blockchain for non-mission-critical use cases that have the potential to be truly transformative.”

Marika Lulay, CEO of GFT, said: “Blockchain has matured into a core technology and will achieve a breakthrough in the finance sector this year.”

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