Northern Trust is preparing for more advanced applications of its blockchain platform.
After launching possibly the first fully functioning blockchain for trading private equities in February, the Chicago-based bank with $6.7tn assets under custody is now in the process of scaling up its work.
Initially comprised of four nodes powered by Hyperledger’s open source Fabric codebase, and with Switzerland-based management firm Unigestion as the inaugural client, the blockchain has been processing transactions continually since the launch.
Over the next few months, however, Northern Trust plans to complete implementation of the beta version of Hyperledger’s Fabric 1.0, the platform’s signature distributed ledger technology which was first released in March and is one of several overall offerings.
Once complete, credentials will be given out to multiple clients, and the upgraded infrastructure will let the bank spin-up nodes for any number of limited partners, general partners and more.
Driven by what Northern Trust’s senior vice president and global head of market advocacy, Justin Chapman, said was “significant interest,” the bank began the upgrade in April, embarking on a process he predicted will take several months.
Chapman told CoinDesk
“The key for the upgrade is the expansion of the capabilities of nodes and scalability in that space for some of
Read more ... source: CoinDesk
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