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PeerNova and State Street join to improve investment tracking using blockchain

PeerNova, Inc., a Silicon Valley-based technology company, announced that it is engaging with State Street Corporation in order to enhance asset and transaction-based tracking of investments with blockchain technology, using its platform Cuneiform.

According to the official release, the trial program will be designed with the help of Cuneiform in order to track the fund flow with certainty. This will provide State Street more transparent, timely and auditable reporting methods for clients. Cuneiform is a Big Data platform that supports the speed and scale required by large financial institutions to account on the performance at the same time, implementing key characteristics of blockchain that include immutability, verifiability, and security.

“PeerNova has been deeply engaged with some of the world’s largest financial institutions since early 2015 to solve pain points they have today. Our unique approach to blockchain technology enabled us to identify practical solutions that can be implemented within existing banking infrastructures in the near term,” Dr. Naveed Sherwani, president and CEO of PeerNova said.

State Street and other such custody banks manage a huge sum of dollars of invested capital on behalf of their clients including asset owners and managers, official institutions, insurers, hedge funds and private equity funds.

“Tracking the flow of investment capital is critical for fund managers in calculating the performance of their investments. Together, we are developing technology that is designed to track the lineage of capital with precision and verifiability. While currently a trial, the potential to provide that level of detail more efficiently and more effectively can bring meaningful value to our clients,” Hu Liang, senior vice president, Emerging Technologies Center at State Street said.

PeerNova combines the best of blockchain and Big Data technologies and enables financial institutions to securely and verifiably manage data to address their toughest reconciliation, audit, and compliance challenges. State Street is one of the world’s leading providers of financial services to institutional investors, including investment servicing, investment management and investment research and trading.

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