• Days
  • Hours
  • Mins
  • Secs
  • Mon, 21 Oct 2019, 05:55 PM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

Northern Trust adds smart contract capability to private equity blockchain

Photography - Ben Philips|Financial News

Tue, 16 Apr 2019, 05:33 am UTC

Financial services giant Northern Trust has announced that it has enhanced its blockchain solution for private equity fund administration and deployed legal clauses as smart contracts.

The company launched its first commercial blockchain solution for private equity fund administration back in 2017. It has also collaborated with major audit firms to enable real-time auditing of private equity lifecycle events on the blockchain.

According to the details, the new capability was deployed for Emerald Technology Ventures, a venture capital firm with funds administered on Northern Trust’s blockchain in Guernsey.

The development comes on the heels of a recent amendment to existing law in Guernsey, which laid the foundation for legal validity of electronic agents and 'smart contracts'.

The application leveraged advanced software developed by Avvoka, a contract automation, live-negotiation and analytics platform. Northern Trust worked with law firms Carey Olsen, representing Emerald, and Allen & Overy, representing investors in the Emerald Industrial Innovation Fund, to digitally generate and agree to Limited Partnership Agreement side letters containing legally binding clauses.

“The ability to leverage digital documents that include smart contract code across multiple platforms is a very significant step toward the future digital environment of securities servicing,” Pete Cherecwich, president of Corporate & Institutional Services at Northern Trust, said.

Tom Carey, Partner at Carey Olsen in Guernsey, said that Northern Trust’s technology will help speed up the contract negotiation process as well as allow for “much greater automation and transparency of the fund’s legal and contractual requirements.”

Northern Trust explained that a key feature of the new enhancement is the ability to embed code in a legal agreement which is applied to the blockchain and persists through the lifecycle of the investment.

“The industry-first technology application on a blockchain can be deployed to other platforms, with potential for broad use in generating digital documents and applying conditions beyond legal agreements,” it said.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $8,222.43 (+1.42%)
  • Ethereum (ETH) $174.22 (-0.38%)
  • XRP (XRP) $0.292900 (-0.02%)
  • Bitcoin Cash (BCH) $231.53 (+3.59%)
  • Litecoin (LTC) $54.69 (-0.09%)
  • Bitcoin (BTC) $8,222.43 (+1.42%)
Oct 21, 2019 (Monday)
11:50
Crypto Technicals: LTC/USD halts downside at strong trendline support, breakout above 21-EMA to confirm near-term upside
11:12
Crypto Technicals: XMR/USD edges above 21-EMA, technical bias turning bullish
07:57
Crypto Technicals: BCH/USD bounces off strong trendline support, break above 21-EMA (228.68) to see bullish continuation
06:18
Crypto Technicals: ETH/USD struggles to extend gains, finds stiff resistance at 179
04:55
Crypto Technicals: BTC/USD pauses upside at 21-EMA (8326), break above to buoy Bitcoin bulls
Oct 18, 2019 (Friday)
12:51
Telegram’s claim “Grams will not be security once TON Blockchain launches” is insufficient, argues SEC
11:51
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:51
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:23
US Senator comes out in support of Facebook’s crypto, finds hostility towards Libra “puzzling”
10:38
Crypto Technicals: BCH/USD tests trendline support (209), dip till 78.6% Fib (168.35) likely
10:13
IBM, Raw Seafoods partner to digitize scallops supply chain using blockchain
08:48
India’s Reliance Industries reveals blockchain plans for Bill of Lading and Letter of Credit transactions
07:48
Crypto Technicals: Ripple (XRP) erases most of previous session's gains, retrace below cloud dents further upside
07:22
Crypto exchange Upbit operator Dunamu to launch OTC trading platform for unlisted securities
06:52
Crypto Technicals: ETH/USD fails to extend recovery, resumes weakness, 167.50 (Oct 6 low) in sight
06:22
Stablecoin initiatives highlight shortcomings in cross-border payments: G7 Working Group
06:11
Crypto Technicals: LTC/USD extends choppy trade below 21-EMA, bias bearish
05:02
Crypto Technicals: BTC/USD confined to narrow range, bias bearish below 5-DMA (8132)
04:48
Telegram calls SEC’s emergency injunction “unreasonable”, argues gram tokens are not securities
Oct 17, 2019 (Thursday)
13:38
Bermuda to develop blockchain-based national ID system with Shyft and Perseid Network
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft