Leading asset management firm Northern Trust announced that audit firms can now access private equity data via Blockchain in real time.
Leading global asset management company Northern Trust (Nasdaq: NTRS) has announced that audit firms can now access fund data stored on a private equity Blockchain to audit specific events in real time, according to a March 19 press release.
Northern Trust launched the first commercial implementation of Blockchain technology for private equity on Feb. 21, which allowed a limited number of clients to manage ownership shares on a transparent Distributed Ledger Technology (DLT) platform. Now audit firms can have their own Blockchain node, managing access to relevant fund data that enables real-time audit capabilities, says Northern Trust.
The most recent development was made in partnership with PwC to provide instant access to a secure “golden copy” of private equity lifecycle events. According to the press release, this will improve the efficiency of the auditing process by making the underlying transactions more transparent to audit firms.
According to the press release, the Northern Trust Blockchain solution is based on the open source Linux Foundation Hyperledger Fabric and is using the IBM Blockchain platform to provide safety and scalability of transactions.
Blockchain technology is being widely accepted by various businesses and institutions around the world to improve the efficiency, safety, and speed of information exchange. On March 19, virtual clinic TrustedHealth announced the implementation of Blockchain to provide remote consultation from doctors. On March 15, a major Canadian bank filed a patent to make credit scores more ‘transparent’ via Blockchain.
On March 14, the government-backed Investment Association of China (IAC) confirmed the contents of a leaked document regarding the creation of an “International Blockchain Investment Development Center”. The center aims to introduce industry standards and Blockchain investment alliances and funds.
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Author: Helen Partz