State Street Next Big Finance Firm To Test Blockchain
The Boston-based investment company State Street is becoming the latest financial firm to test out blockchain technology for use within its business. Like other companies investigating the technology behind Bitcoin, State Street would like to use some form of blockchain in order to keep a transparent track of investment funds coming in and out of its coffers. The have said that if the blockchain trial impresses them, that they would be interested in developing some form of it themselves to market to others.
The senior vice-president of State Street's Emerging Technology Center, Hu Liang, said in a statement yesterday, "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."
In order to implement the blockchain trial, State Street are utilising the services of Silicon Valley startup PeerNova. PeerNova works with large companies to build blockchain systems specific to their needs. The executives at this startup have all come from large companies themselves, which helps them to determine what financial giants need in their blockchain systems.
State Street expect to have their blockchain system complete it's trial by the end of October and then move into what they are calling a pilot phase right after that.