Ian Smith, Founder and CEOThe drive toward digital transformation has presented CIOs with a new set of challenges—keeping data secured outside of the traditional siloed boundaries of IT infrastructures. Incessant data breaches, malicious hacking and ransomware attacks have built an atmosphere of mistrust in data transactions, ultimately affecting business efficiency. Ian Smith, a serial entrepreneur and tech pioneer, found a silver lining in the technology behind booming cryptocurrency bitcoin to address this dire situation. He brought together a team of experienced enterprise technologists and founded Gospel Technology to leverage the immutability and tamper-proof aspects of blockchain to secure data once it leaves the confines of enterprise data center. The company has created an enterprise-scalable, platform that has the potential to transform the way enterprise data is stored and utilized, with the truth and integrity of data at its core.
Gospel is a distributed ledger, containing not only the key data that forms the value of the business such as personally identifiable information (PII) to commercially sensitive metadata but also an absolute record of all the trusted transactions taken upon it. Gospel comes with a Distributed Data Logic feature, the next generation of highly secure data access control that bakes security into the data itself, and ensures access is only provided to the specific data needed to perform a function. The feature takes into account the multi-layer authentication along with the elements of transactional context, including identity, location, action, time, trend and others to ensure absolute trust and authentication at the point of transaction. “By combining secure data access with the ability to audit every access on the ledger, we build a business environment that grows more secure with every transaction,” extols Smith.
Gospel’s pioneering use of the private ledger takes the distributed consensus and immutability features of blockchain but without the security threats and resource draining downside of public blockchains. “Gospel is an elegant and feature-rich design equipped for the new threat dynamics of the modern digital enterprise, something which a centralized database could never hope to attain in terms of efficiency and security,” remarks Smith.
By combining secure data access controls with the ability to audit every access on the ledger, we build a business environment that grows more secure with every transaction
“With secure, trusted automation built-in and complete transparency at every stage, the reduced QA and auditing burden has seen one client of ours in the retail distribution sector forecast a tenfold reduction in the cost of each transaction.”
The company’s blockchain solution has helped a number of global enterprises to securely share critical data with third parties outside of their perimeter with total control, trust, consent, and security to eliminate data breaches, both malicious and accidental. In an interesting case, one of the Gospel Technology’s clients used to share bulk information through spreadsheets to third parties via email, despite only a fraction of the information in the spreadsheet being required. This put the entirety of the confidential data as risk of a breach. Gospel eliminated this bulk sharing by integrating the data into an end-to-end encrypted ledger and adding access control to it. This permitted external parties to view only the required data.
The company envisions Gospel becoming the industry-standard trust fabric for enterprises to securely provide employees and partners access to their data, with total control over who, what, where and when. In a scenario where data only flows outwards, indefinitely and cannot be recalled, Gospel helps enterprises to end careless data sharing and build a new “data culture” of only enabling users to access only the information they need when they need it—moving from want-to-know to need-to-know. Although Gospel solves a variety of industry-specific problems, including the sharing of data with external HR and payroll providers in a trusted manner, the platform itself is industry-agnostic and highly adaptable to a wide range of use cases. Gospel’s potential is exponential.