Northern Trust is a leading company that works in equity management, and, as a leader in its niche, it wants to be advanced and a step ahead in comparison with its competitors. That is why, it couldn’t leave without attention a new technology that is already changing the way of the businesses work.
From the 19th of March, a new system that allows to audit events in real time is available. All data is stored in a private equity Blockchain.
The first implementation of the technology has been working since the 21st of February, it allowed only a limited number of clients have access to the data and to work. That was, so-to-say, the testing stage. Now, the platform is available for a wide range of users.
In partnership with PwC, a new advancement was introduced to the platform: the access to a “golden copy” of lifecycle events of a private equity. This will increase the auditing process efficiency and speed greatly and will make the transactions more transparent to auditing companies.
The security and transparency of all transactions is provided by the IBM Blockchain platform, and the solution itself is based on the open source Linux Foundation Hyperledger Fabric.
The application of the blockchain technology isn’t new in the world. The blockchain is being used more and more widely for different kinds of businesses and for different niches. It looks like the blockchain has already proven itself as a future technology, without which business management will be impossible in the nearest future.