Gospel Technology, a London-based private blockchain data management software startup, has raised £1.4m in funding.
The round was led by LocalGlobe, which joined existing angel investors including Gumtree co-founder Michael Pennington and Vivek Kundra, previously a chief information officer for the US Government.
Founded in December 2016, Gospel has developed a way of securely distributing data across modern decentralised infrastructures. It offers companies the potential to automate records for complex products that currently require significant manual management.
The Gospel ledger and the data on it can only be accessed by those who have been given authority by the data owner and comply with a number of contextual rules that make the transaction valid.
Remus Brett, venture partner at LocalGlobe, said: “The problem Gospel is solving is how big companies stop critical data from being compromised when traditional ‘hub and spoke’ or centralised approaches to data security are failing them. Using blockchain technology Gospel can secure company data, thereby solving one of the biggest challenges of data trust that companies large and small face today.”
It uses a private blockchain that requires users to set up a network of “nodes” within their ecosystem. Each party controls their own node and all the nodes must agree before any transaction can be processed and put on the blockchain.
Gospel is currently working with clients in retail, finance, automotive, aerospace and defence, government, healthcare, media, telcos and manufacturing.
With regulations such as GDPR, Open Banking and PSD2, there is a pressing need for a platform which works with existing data to provide auditability, data-owner consent and security as well as being tamper-proof according to the company.
The decentralised platform claims to delives enterprise capabilities allowing businesses to implement good data practice and adopt the New Data Culture. It provides secure and consent-based access to personal and corporate data and an immutable record of all transactions, usage, history and disclosures of that data. The company claims to not only make workflows efficient, but compliant too.
Ian Smith, chief executive and founder of Gospel, added: “For manufacturers and other businesses dealing with critical data there is a problem of trust in data systems, particularly when there is a need to share that data outside the organisation. “With Gospel technology we can provide an immutable record store so that trust can be fully automated between systems of forward thinking businesses.”
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
