Prepare your cake ahead of time and keep refrigerated. Place the cake onto a cardboard cake round, then onto a glass or small bowl and onto a baking sheet to catch all the excess glaze.
Combine the unflavored gelatin and 3/4 cup cold water in a small bowl. Stir to combine and set aside to allow the gelatin to bloom.
Combine the sweetened condensed milk, white chocolate and 1 teaspoon white food coloring in a tall, heat-resistant container; set aside.
In a small saucepan, combine the remaining 200ml water, corn syrup and sugar. Stir to combine, then heat over medium heat and bring to a simmer. Simmer for 2 to 3 minutes, then add the bloomed gelatin. Cook for an additional minute or until gelatin is completely dissolved. Pour the hot syrup over the white chocolate and sweetened condensed milk.
Allow the mixture to stand for a few minutes, then using a stick blender, blend the mixture together until smooth. Cover the container with plastic wrap, touching the glaze to prevent a film from forming. Place the glaze into the refrigerator and allow it to cool to 85-90F. Stir oven to prevent clumps from forming. If any clumps form, blend again until smooth. At 85F, the glaze will be thick and ribbon off of a spatula.
Once glaze has cooled, add desired food coloring and stir. Pour the glaze over the prepared cake. I like to do a double coat of the glaze. Transfer the cake into the refrigerator for the glaze to set quickly, about 5 minutes. Then use a flat spatula to remove any excess glaze dripping from the bottom of the cake. Use a cake lifter to transfer the cake onto a cake stand.
Keep glazed cake refrigerated. The glaze will melt and run in a warm room.