The patents cover digital identity management and digital meeting management technology.
Northern Trust delivered the first commercial blockchain solution for private equity fund administration in 2017. It forms part of a broader digital strategy for asset servicing which includes robotic processing and artificial intelligence.
Pete Cherecwich, President of Corporate and Institutional Services at Northern Trust, says blockchain has the potential to drive major industry-wide improvements and could significantly change how financial transactions are conducted. “Researching and identifying new ways to leverage emerging technologies to deliver new and innovative solutions to our clients is critical to our collective success,” he adds.
The company has developed several blockchain innovations which it claims could be applied to multiple business activities and product offerings. Justin Chapman, Global Head of Market Advocacy and Innovation Research at Northern Trust, suggests the new solutions will increase value for clients by promoting asset safety, reducing transactional friction, increasing transparency and driving efficiency in the investment lifecycle.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.