Fintech Broadridge has turned to Amazon Web Services (AWS) in the latest update of its blockchain-based private equity (PE) platform.
The Private Market Hub product will use the Amazon Managed Blockchain to help further automate workflows between front, middle and back office functions, according to Broadridge.
The platform is considered to be the first deployment of blockchain technology for the PE industry and was originally developed by asset servicer Northern Trust in partnership with IBM before it was transferred to Broadridge in 2019.
According to Broadridge’s president of asset management solutions, Eric Bernstein, the use of blockchain technology is designed to help reduce friction and cost in an increasingly digital PE market.
“The trends around digitization and data and analytics are only growing, and digital assets mark the start of an exciting new era for the private markets industry and fund managers and investors alike, accentuating the need to access best-in-class products to address the evolving landscape,” said Bernstein.
© 2021 fundsTech