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Blockchain

Calastone is bringing blockchain to Britain’s major asset managers

London-based global transaction network Calastone announced Monday that it will adopt blockchain to process trades for its 1700 clients, including major asset managers JP Morgan Asset Management, Schroders and Invesco. It is one of the finance industry's biggest endorsements of online ledgers and a rare example of the technology's widespread adoption in the city. Automating the UK's clunky process of manually buying or selling funds could be a boost to the struggling fund system, which is under pressure to reduce transaction fees, with Deloitte predicting a saving of up to $4.3 billion dollars. Aside from cutting costs, Calastone's chief marketing officer Andrew Tomlinson insists that adopting the blockchain database will also result in greater efficiency, safety and accuracy. (Source: Reuters)