Today fintech platform iCapital announced a consortium that plans to use enterprise blockchain in the alternative investment sector by creating a golden record of transactions. Consortium participants include Apollo, BlackRock, Blackstone, BNY Mellon, Carlyle, KKR, Morgan Stanley, State Street, UBS, and WestCap.
Having a single shared transaction record eliminates duplication of effort and the costly reconciliation processes between parties. Additionally, it enables greater transparency. If successful, it could radically reduce costs.
“We see the potential distributed ledger technology has to significantly improve both efficiency and security across the alternatives industry,” said Jerry Pascucci, Head of Global Alternative Investment Solutions at UBS Global Wealth Management.
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