Gospel Case Study: Securing the Asset Finance Industry
The Gospel Platform has been deployed to provide end to end data protection and enablement in the asset financing sector, where trust and security is vital.
Asset Financing is the arrangement of funding for corporations who need to purchase large scale plant or machinery to run their operations. This involves sharing personal information, financial records and bank details with various third parties. Previous solutions in the market protected information between brokers and lenders but there was nothing to protect information throughout the whole end to end lifecycle of the data. The insecure sharing of information built around these hub-spoke solutions exposed many vulnerabilities which could lead to a data breach.
That is where the Gospel stepped in.
Gospel utilises the blockchain to provide a distributed solution for sharing information between distributed parties. Each party must authenticate to the platform before they can upload or access information and the owners of the data permit temporary access to any sensitive information.
Data is secured at every stage with encryption and all access is recorded on an immutable ledger.
Richard Briggs, Director of GB Asset Finance Ltd, quoted “The transaction data is completely secure in the Gospel Data Platform. With four different parties involved in most transactions, customer, supplier, broker and funder data integrity and accountability is critical to our process and GDPR compliance requirements. The Gospel platform with its unique permissioned environment provides a complete solution for our business.”
Customers, Brokers and Financing Companies have realised these benefits of moving to the Gospel:
- Completely replace insecure email from the process with a secure permissioned environment
- Cradle to grave product and audit trail. This protects the customer, funder, broker and supplier from non-repudiation
- A more efficient way of working with simple contextual access controls
- Immutable transaction record of data changes and access history through proven blockchain technology
- GDPR compliance simplified (including the right to be forgotten)
Thanks to Gospel, businesses can, at last, have trust that the Asset Finance Industry is now taking the necessary steps to protect their information.
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For a 90 second overview of what Gospel does click here.
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