Published On: Thu, Feb 23rd, 2017

Database? First Commercial IBM ‘Blockchain’ Touts 4 Nodes, Immutability

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Northern Trust and IBM have released what is being called the first commercially deployed blockchain-based solution for finance. But is blockchain the right word for this platform?
‘First Commercially Deployed Blockchain’
The trend towards “chainwashing” is growing with companies using the Blockchain buzzword as a means to get attention and funding.
Although companies are attempting to build functional applications using distributed ledger technology, they often come as solutions to nonexistent problems. Such might be the case with the open-source project by Northern Trust and IBM.

Northern Trust, a Chicago-based funds administrator has partnered with IBM to devise what is being called the first commercially deployed blockchain-based solution for finance.
In a bid to cut costs and disintermediate in private equity administration, these two companies devised a ‘blockchain-based’ platform currently being administered by Geneva-based Unigestion, which manages $20 billion USD, spread across private equity and other asset classes.
According to Justin Chapman, Northern Trust’s head of innovation research, the process of private-equity fund administration is currently a manual one. But thanks to blockchain technology, administrators can “agree on the legal documentation for distribution as soon as the lawyer gets to the paperwork,” …

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