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The idea of using blockchain—the technology underpinning bitcoin—has long gripped the imagination of financial institutions, though most haven’t gotten beyond proofs of concept, trials, and experiments.
Northern Trust, a Chicago-based administrator of funds, and IBM devised a blockchain-based solution for the private equity world. They claim that it’s the first commercially deployed blockchain solution for finance to date.
Everything from share issuance to capital drawdowns and income distributions will be captured through blockchain. However, this can be done with a conventional database, so why use new tech? It’s because of blockchain’s secret sauce: trust. Northern Trust says it will evaluate the platform’s benefits, perhaps heralding the long awaited arrival of blockchain tech on Wall Street. —Joon Ian Wong
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