By placing all the information about services or complex manufacturing and assembly processes on a private, permissioned blockchain, the idea is that a company can create an “immutable” audit trail of data. When you think about it, currently this involves a labor-intensive combination of paper and networks. But initial trials with private blockchains in the last couple of years have shown there is potential to reduce the identification process of a data trail from several days to minutes.
Indications that this is becoming a hot issue amongst startups arrives today in two pieces of news.
Firstly, London-based “Gospel”(yes, that really is their name…) has raised £1.4m in seed funding from investors led by European-focused LocalGlobe.
The blockchain startup says it has been working with an unnamed “aerospace and defence manufacturer” to develop a proof of concept to improve record keeping for its supply chain. What’s the betting it’s British Aerospace? They aren’t saying.
At any rate, Gospel says it has developed a way of securely distributing data across decentralised infrastructures, offering companies the potential to automate records for complex products that usually require significant manual management. The idea is that is shares only the information it needs to, securely, with other partners in its supply chain, potentially leading to improved efficiency and lower costs of information recall.
Founded in December 2016 by entrepreneur Ian Smith, Gospel 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. The node network acts as a consensus and provides a mechanism of trust.
Smith says: “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 organization. With Gospel technology we can provide an immutable record store so that trust can be fully automated between systems of forward-thinking businesses.”
Prior to this seed round, Gospel was backed by a number of angel investors including Gumtree co-founder Michael Pennington and Vivek Kundra, the Chief Information Officer for the US Government during Barack Obama’s