The phenomenon surrounding blockchain/distributed ledger technology (DLT) has sparked a rush of innovation activity within the financial services sector. Firms are beginning to understand the potential use cases of DLT and the impacts it could have on their entire business model. In collaboration with Google, GFT built and deployed a test framework and sandbox on GCP for the Royal Bank of Scotland to prove that the Emerald settlement tool scales on Ethereum.

  • Address the business case by building a faster transaction solution for the single European payment area (SEPA) in a way that does not exist yet
  • Build a clearing and settlement mechanism called Emerald for a domestic bank
  • Demonstrate that the application and blockchain platform can be scaled to domestic payment volumes
  • Provide fast feedback loops to achieve the optimum distributed ledger solution
  • Collaborated with Google and the client to share resources rapidly and securely
  • Designed a test framework and rig on Google Cloud Platform (GCP), thus enabling rapid deployment of modified configurations and code
  • Built tools for analysing big data to identify where and how to enable Emerald to be scaled
  • Applied emerging technology standards which had never been deployed for blockchain use cases
  • Built and deployed GFT’s Cloud Technology Sandbox, providing an environment and toolset to promote collaboration and rapid experimentation
  • Proved that Emerald scales on Ethereum to a small domestic use case
  • An optimised configuration was established, thus meeting the business case
  • Simulated 6 nodes representing 6 banks, with round-trip transaction times of no less than 666 milliseconds and no more than 8 seconds

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