Northern Trust, a global leader in asset management, has been the go-to company for solutions in complex investment and financial management needs. Founded in Chicago in 1889, it has offices in 19 states in the USA, with 23 international locations including Canada, Europe, Middle East and Asia. During the years, it has distinguished itself as a leader due to exceptional expertise, service, and innovation.
Northern Trust has now come up with another solution for auditing firms to access fund data and audit specific events in real time. This will be done using blockchain technology and will solve many of the problems audit firms face.
Cointelegraph has shared important news of how Northern Trust has partnered PwC to provide instant access to events taking place. This is carried out on a transparent Distributed Ledger Technology (DLT) platform where clients can manage ownership shares. This also gains access to the audit companies to view real-time fund data.
According to Business Wire this new development will give audit firms access to the ‘golden copy.’ Now it is up to the audit company whether it wants to use the data to complete the audit process or start developing the right tools using blockchain.
This blockchain solution is fully based on the open source Linux Foundation Hyperledge Fabric. It is also using IBM Blockchain Platform on IBM Cloud so that cryptography and key management is maintained for safety and scalability.
The British Website Verdict quoted Northern Trust president of corporate and institutional services, Pete Cherecwich, who stated that “By expanding our private equity blockchain ecosystem to the audit community, Northern Trust has enabled audit transactions to be recorded on a blockchain in real time. This will result in direct efficiencies to both the audit firms and Northern Trust, and provide investors with a more timely and valued assurance product.”
Econotimes followed up with a partner at PwC Nick Vermeulen to gain his insights on the partnership between Northern Trust and PwC.
“We are excited to be able to leverage the distributed ledger within Northern Trust’s private equity system to innovate our approach to auditing private equity funds. Our ability to directly access distributed ledgers such as the one within the Northern Trust system will allow us to build upon our own blockchain investments. Such innovation assists clients as they invest in the opportunities arising from emerging technologies. This ongoing process will help ensure we are in the best possible shape to adapt in the coming years of change.”
Overall, blockchain has been the answer to several global issues and problems. It has been the answer to not only the financial space but also to the healthcare industry, education system, and even numerous manufacturing plants.