Asset management firms increasingly turning to blockchain solutions

Currently, more than 90% of European and US banks are researching blockchain options, having realised the technology's potential to revolutionise how assets are transferred both within and between business networks. The technology - a distributed ledger being maintained and validated by a network of computers - sets the foundation for auditable and trusted transactions in many industries. Compared to the norm of "siloed" data, blockchains allow sharing of information between parties without compromising confidentiality. Aside from automating many of the tasks associated with inventory management, such as data entry and asset tracking, blockchains increases trust, security, transparency and traceability of data shared across business networks. It is therefore not surprising that asset management firms are increasingly turning to blockchain solutions. Digital ledger technology (DLT) is another concept working almost exactly as blockchains do, providing similar functions in asset managem…