Northern Trust Awarded 2 U.S. Patents for Blockchain Technology Innovation

Northern Trust (Nasdaq: NTRS)  has been awarded two U.S. Patents for distributed ledger technology inventions for a range of fund administration activities – part of its continued innovation in delivering the industry’s first commercial blockchain solution for the private equity fund administration market in 2017.

Northern Trust has submitted a number of patent applications to the U.S. Patent and Trademark Office (USPTO) for inventions it developed to support the efficient, secure and transparent management of lifecycle events within private equity fund administration. The USPTO has issued patents for two of Northern Trust’s technology inventions:

·         Digital Identity Management – Systems and Methods for Digital Identity Management and Permission Controls Within Distributed Network Nodes, U.S. Patent No. 9,992,022.

·         Digital Meeting Management – Systems and Methods for Generating and Maintaining Immutable Digital Meeting Records with Distributed Network Nodes, U.S. Patent No. 9,990,504.

Northern Trust’s blockchain development is part of a broader digital strategy for asset servicing which includes robotic processing, artificial intelligence and the proactive deployment of emerging technologies. The strategy is underpinned by Northern Trust’s global market advocacy and innovation network and strong industry and regulatory collaboration activities.

“It is really exciting for a custodian to be leading the way with technology innovation,” said Pete Cherecwich, president of Corporate & Institutional Services at Northern Trust. “Researching and identifying new ways to leverage emerging technologies to deliver new and innovative solutions to our clients is critical to our collective success. Blockchain technology in particular has the potential to drive major industry-wide improvements and could significantly change how financial transactions are conducted.”

Justin Chapman, Global Head of Market Advocacy & Innovation Research at Northern Trust, said: “We have developed a number of blockchain innovations that may be applied to multiple business activities and product offerings, with private equity fund administration being only one example of many potential use cases. Our solutions are designed with the intention of increasing value for our clients by promoting asset safety, reducing transactional friction, increasing transparency and driving efficiency in the investment lifecycle.”