PeerNova Engages with State Street to Prototype Tracking of Capital Lineage with Blockchain Technology
September 19 2016 - 2:02PM
Business Wire
New Program Seeks to Enhance Performance Reporting with
Immutability, Verifiability and Security
PeerNova, Inc. today announced that it is developing a program
using its platform, Cuneiform, designed to enhance asset and
transaction-based tracking for investments with State Street (NYSE:
STT). Cuneiform is a Big Data platform that is designed to support
the speed and scale required by large financial institutions to
report on performance while incorporating key characteristics of
blockchain technology: immutability, verifiability, and
security.
Using Cuneiform, the trial program will be designed to track the
flow of funds with greater certainty, thereby providing State
Street more transparent, timely and auditable reporting methods for
clients. Custody banks, like State Street, manage trillions of
dollars of invested capital on behalf of their clients, including
asset managers, asset owners, insurers, official institutions,
hedge funds and private equity funds and other alternatives.
“Tracking the flow of investment capital is critical for fund
managers in calculating the performance of their investments,” said
Hu Liang, senior vice president, Emerging Technologies Center at
State Street. “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.”
“PeerNova has been deeply engaged with some of the world’s
largest financial institutions since early 2015 to solve pain
points they have today,” said Dr. Naveed Sherwani, president and
CEO of PeerNova. “Our unique approach to blockchain technology
enabled us to identify practical solutions that can be implemented
within existing banking infrastructures in the near term.”
About PeerNova, Inc.
Combining the best of Blockchain and Big Data technologies,
PeerNova uniquely enables financial institutions to securely and
verifiably manage data to address their toughest reconciliation,
audit and compliance challenges. Based in Silicon Valley, the
PeerNova team has expertise in distributed systems, blockchain
technology, networking solutions, compiler technology, big data,
and financial services. For more information, visit
http://www.peernova.com.
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world's
leading providers of financial services to institutional investors,
including investment servicing, investment management and
investment research and trading. With $27 trillion in assets under
custody and administration and $2 trillion* in assets under
management as of March 31, 2016, State Street operates in more than
100 geographic markets worldwide, including the US, Canada, Europe,
the Middle East and Asia. For more information, visit State
Street’s website at www.statestreet.com.
*Assets under management were $2.30 trillion as of June 30,
2016. AUM reflects approximately $40 billion (as of June 30, 2016)
with respect to which State Street Global Markets, LLC (SSGM)
serves as marketing agent; SSGM and State Street Global Advisors
are affiliated.
CORP-2198
9/30/17
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version on businesswire.com: http://www.businesswire.com/news/home/20160919006328/en/
State Street CorporationJulie Kane, +1
617-664-3001jekane@statestreet.com@StateStreet
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