Gospel Technology, a London-based startup working on keeping supply chain records on a private blockchain, has raised £1.4 million in funding from LocalGlobe. The company plans to use the money to increase its team of 25 people twofold within the next 18 months.
The startup, which markets itself as one of the few blockchain companies with revenues and paying customers, is currently talking to an unnamed UK-based aerospace and defence manufacturer to run a pilot project. The idea is that Gospel would set up a private blockchain within the organisation to improve record keeping for its supply chain.
With an immutable audit trail of all the complex manufacturing processes, the organisation would be able to “potentially reduce the identification process from several days to minutes,” Gospel stated in a press release. It would also allow the data owners to efficiently manage access permissions and track changes.
Under the hood, Gospel's technology is built on top of Hyperledger, an open source blockchain platform and toolkit created by the Linux Foundation.