Edinburgh start-up Blockchain Technology Partners (BTP) has appointed Paul Forrest as chairman after completing a funding round led by Standard Life Aberdeen veterans Martin Gilbert and Andrew Laing.
Forrest is a strategy consultant who has worked with firms such as Ford, Wal-Mart, Virgin Galactic and AkzoNobel and advised governments over tshe last 25 years.
BTP’s Sextant management aims to make it easier for businesses to use distributed ledgers and “smart contract” infrastructure which streamlines the administration of terms agreed between business partners. It has supplied its software to the Tel Aviv stock exchange and is a partner of Amazon Web Services.
CEO Duncan Johnston-Watt, who co-founded BTP in 2018, said: “Paul understands the potential for growth in enterprise blockchain adoption, having been involved in this space for several years and at the cutting edge of successive waves of innovative enterprise technologies throughout his career.
“We are delighted Paul has decided to take up this role and help us scale the business and lay the groundwork for future investment.”
Forrest has also been involved with blockchain at MBN Solutions, on whose board he sits.
He said: “I am excited to be joining BTP at a pivotal point in their journey. Their management team has demonstrated an ability to develop a scalable product and close early enterprise deals.
“Given the present circumstances I was particularly impressed by their ability to secure a contract with the Tel Aviv Stock Exchange to deliver their innovative blockchain-based securities lending platform.”
Forrest took part in BTP’s angel funding round with existing investors Gilbert and Laing, who ran Aberdeen Asset Management until the merger with Standard Life. Laing left SLA in March 2019 and Gilbert is stepping down as SLA deputy chair this year. In January he became chair of digital bank Revolut.
Gilbert said: “BTP has an exceptional opportunity which is why we invested in the company in the first place. We are pleased to see that BTP has strengthened its corporate governance with the appointment of Paul Forrest.